Ebix Reports Possible Offer For Xchanging - Quick Facts

(RTTNews) - Ebix Inc. (EBIX), international supplier of on-demand software and e-commerce services to the insurance, financial and healthcare industries, confirmed that it has sent a letter to Xchanging Plc's Board (XCH.L), outlining its interest in making an offer to acquire the entire issued and to be issued share capital of Xchanging by way of an all cash offer of 175 pence per share.

Based on the number of Xchanging Plc ordinary shares in issue and to be issued of 257.38 million, Ebix's proposal values Xchanging at approximately 450 million pounds or $685 million, representing a premium of over 9 percent to Capita Plc's all cash offer of 160 pence per share, and a premium of over 3 percent to Computer Sciences Corporation's all cash proposal of 170 pence per share.

As per U.K. rule, Ebix is required, by not later than 5.00 pm on 9 December 2015, either to announce a firm intention to make an offer for Xchanging or to announce that it does not intend to make an offer.