Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : LGS Group Inc. Y/2000 -- Ignore unavailable to you. Want to Upgrade?

To: Gilbert Drapeau who wrote (164)	2/15/2000 11:27:00 AM
From: Fungi	Read Replies (2) \| Respond to of 169

LGS and IBM shareholders to tender shares LGS Group Inc LGS.A Shares issued 9,973,439 Feb 14 close $16.05 Tue 15 Feb 2000 News Release Mr. Mike Quinn reports IBM Canada Ltd. and LGS Group Inc.'s two controlling shareholders, Raymond Lafontaine and Andre Gauthier, have entered into an irrevocable lock-up agreement which commits the two shareholders to tender their 2,852,000 Class B multiple voting shares and 305,952 Class A subordinate voting shares to a bid to be made by IBM. The shares held by the two controlling shareholders represent approximately 25 per cent of the outstanding shares of LGS and 75 per cent of the votes. IBM has agreed to offer $19 per share in cash for all of the LGS Class A and Class B shares. Canadian resident shareholders will have the option of receiving consideration in shares exchangeable for shares of International Business Machines Corporation. "LGS employees have a long-standing reputation for excellence in the IT industry and we look forward to successfully completing this transaction and having the LGS employees join the IBM family," said John Wetmore, president and chief executive officer, IBM Canada Ltd. "LGS's strengths in application management and consulting services map very nicely with IBM's worldwide leading e-business services and will result in an even greater ability to service our mutual customers."