LGS Controlling Shareholders Advised of IBM Board
Approval
FEBRUARY 29, 2000
MONTREAL, QUEBEC--LGS Group Inc. controlling shareholders, Raymond
Lafontaine and Andre Gauthier, have been advised that the IBM
Board of Directors has approved the making of an offer to all LGS
Group Inc. Class A and Class B shareholders for Cdn$19.00 per
share.
In a press release issued today, IBM added that it intends to mail
its offer to LGS shareholders in the coming weeks. According to
the IBM offer, Canadian resident shareholders will have the choice
of receiving consideration in shares exchangeable for shares of
International Business Machines Corporation or cash.
LGS Group Inc. (LGSA at NASDAQ, LGS.A at TSE) is one of Canada's
largest information technology consulting firms specializing in
management and systems integration. With annual sales of $230
million in the financial year ended March 31, 1999, LGS currently
employs approximately 2,000 professionals in 20 offices in Canada,
the United States and Europe. The company is active in most areas
of the private and public sectors.
This release may contain forward-looking statements that involve
risks and uncertainties which might cause the actual results to
differ materially from those projected. Potential risks and
uncertainties include the ability to procure, properly price,
retain, and successfully complete projects, the availability of
technical personnel, and competition. These risks and
uncertainties are discussed under the heading "Risk Management" in
the Company's Annual Report. |
