Ebix Confirms Continued Interest In Making Offer For Xchanging

(RTTNews) - Ebix Inc. (EBIX), a supplier of on-demand software and e-commerce services to the insurance, financial and healthcare industries, Thursday confirmed its continued interest in making an offer for Xchanging plc (XCH.L), which is in deal to be bought by Computer Sciences Corp. (CSC).

It was in mid November that Ebix confirmed about sending a letter to Xchanging Plc's Board, outlining its interest in making an acquisition offer of 175 pence per share in cash.

On Wednesday, Xchanging agreed terms of a deal with Computer Sciences, under which CSC, through a UK subsidiary, would acquire Xchanging at a price of 190 pence per share in cash, implying an equity value of 480 million pounds, or approximately $720 million.

Xchanging Board also withdrew its recommendation for an offer by Capita plc (CPI.L), and now recommends that shareholders accept the Offer from CSC.

Ebix said its latest announcement does not constitute an announcement of a firm intention to make an offer. Accordingly, there can be no certainty that any offer will ultimately be made.

The company will make further announcement in due course.