Summary
Fair Isaac Corporation (FICO) has officially declared its offer to acquire London Bridge Software Holdings plc unconditional, marking a significant strategic move. The acquisition, valued at approximately £166.2 million in cash, was finalized on May 28, 2004, with FICO securing acceptances for 93.4% of London Bridge's ordinary shares. This strategic purchase is being funded by FICO's existing cash resources, indicating a strong liquidity position. The company plans to acquire the remaining shares through UK legal proceedings. This acquisition is expected to bolster FICO's market position and expand its offerings in the software sector. Investors should note that while the acquisition is complete, detailed financial statements and pro forma information related to the acquired business will be filed separately within 60 days. This event represents a substantial investment by FICO, underscoring its commitment to growth and market expansion.
Key Highlights
- 1FICO's offer to acquire London Bridge Software Holdings plc has been declared unconditional.
- 2The acquisition is a cash transaction valued at approximately £166.2 million.
- 3FICO secured acceptances for 93.4% of London Bridge's outstanding shares as of May 28, 2004.
- 4The entire acquisition cost will be funded from FICO's existing cash reserves.
- 5FICO will initiate UK proceedings to acquire the remaining London Bridge shares.
- 6A press release detailing the event was issued on May 28, 2004.
- 7Detailed financial statements for the acquired business will be filed within 60 days.