HASSELT, Belgium and LIMBURG, the Netherlands, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Cegeka Groep NV ("Cegeka") announced today that its wholly owned subsidiary, Chicago Merger Sub, Inc. ("Merger Sub"), has successfully completed its tender offer to purchase all outstanding shares of common stock of Computer Task Group, Incorporated (NASDAQ:CTG) ("CTG"), at a price of $10.50 per share, net to the seller in cash, without interest and less any applicable withholding taxes. CTG is a leader in North America and Western Europe, helping companies employ digital IT solutions and services to drive their productivity and profitability.
This transaction aligns with Cegeka's long-term strategic vision for growth and ambition.
"This transaction is a logical next step in Cegeka's continuous growth journey. By joining forces with CTG, we are creating a powerful IT player with a portfolio of integrated end-to-end solutions supported by a strong Global Delivery Center Network and innovative technologies, transforming from a European to a global organization. Together, we will have operations in 19 countries and employ over 9,000 IT professionals," said Stijn Bijnens, CEO of Cegeka.
"This merger enables both the customers and employees of CTG and Cegeka to grow forward together. On behalf of all Cegeka teams, we welcome the employees of CTG across the Americas, Colombia, Europe, and India to the Cegeka family," said André Knaepen, Chairman of the Board of Directors of Cegeka.
Mr. Bijnens continued: "We will take the time necessary to finish developing and executing a thoughtful and well-communicated integration plan with the well-being of our customers and employees of top consideration. In 2024, we'll focus on establishing the fundamentals necessary to drive our evolution into a powerful and integrated company in 2025."
As part of the acquisition, CTG's CEO, Filip Gydé, will not be part of the new organizational structure. "We appreciate his positive cooperation during this acquisition process. We thank him for his years of dedication to the company and all the successes to which he has contributed," said Stijn Bijnens.
Additional information about the tender offer and acquisition
The tender offer for all the outstanding shares of CTG common stock expired one minute after 11:59 p.m., Eastern Time, on December 12, 2023 (12:00 a.m., Eastern Time, on December 13, 2023).
Computershare Trust Company, N.A., as the depositary for the tender offer, has advised that, as of the expiration of the tender offer, 12,806,181 shares were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 73.79 percent of the issued and outstanding shares of CTG. The condition to the tender offer ...
