Montreal, Dec. 1, 2000 CGI Group Inc. and Star Data Systems Inc. announced that their respective boards of directors have approved a proposed transaction whereby CGI would offer to acquire all of the issued and outstanding common shares of Star Data, a TSE-listed provider of IT services and solutions to the financial services industry.
CGI has entered into a lock-up agreement with certain Star Data shareholders, including Canadian General Capital Limited, holding an aggregate of 28.8% of Star Data's common shares, pursuant to which, subject to their ability to tender to a superior acquisition proposal made before the close of business on December 7th, 2000 and certain other conditions being met, these shareholders have agreed to irrevocably tender all their Star Data shares to the CGI offer.
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