COGNICASE Successfully Completes Acquisition of AVI
Software
MONTREAL, QUEBEC, CANADA--JUNE 11, 2002 - 09:24 EDT
COGNICASE Inc. (TSX: COG, NASDAQ: COGI),
an innovative IT solutions provider specializing in the
development and integration of transactional solutions, today
announced the successful completion of its acquisition of AVI
Software Inc.
The 4,030,462 AVI common shares tendered, representing
approximately 95% of all AVI common shares, satisfy the minimum
conditions established by COGNICASE for the number of shares
required to be deposited under the Offer. Consequently, COGNICASE
will take up and pay for the shares tendered to date at a price in
cash of $1.35 per share. Payment will be made by National Bank
Trust Inc., the depository for the take-over bid.
COGNICASE has also indicated that it intends to exercise its
statutory rights under Part XVII of the Canada Business
Corporations Act to acquire all remaining AVI common shares on a
compulsory basis. Accordingly, all shareholders, other than
dissenting shareholders, who have not tendered their shares prior
to the completion of the Offer will receive identical
consideration as if they had tendered to the Offer.
About COGNICASE
COGNICASE (TSX: "COG", Nasdaq: "COGI") is an IT products and
services provider specializing in advanced transaction processing
and Internet-based applications. Relying on its results-driven
approach, its software and technology and its Application Services
Technology Centre, COGNICASE offers secure and scalable solutions
that contribute to its customers' economic success in the age of
the new economy. The Company is active in Canada, the United
States and Europe. |
