Wipro Limited, the third largest software exporter in India, has completed the tender offer for all outstanding shares of the US-based outsourcing company, Infocrossing, through its indirect wholly owned subsidiary, Roxy Acquisition Corporation for $18.70 per share.
According to the tender offer, about 20.456,524 shares - representing about 100 per cent of issued and outstanding shares of Infocrossing - were validly offered and subsequently acquired by Wipro when the offer expired on September 17. Wipro said that it was expecting to complete the Infocrossing acquisition through a short-form merger as soon as possible.
The company also said that if required, it was intending to exercise option under the merger agreement to purchase newly-issued Infocrossing shares to ensure ownership of at least 90 per cent of the outstanding shares.
Wipro had earlier announced the acquisition of Nasdaq-listed Infocrossing for around $600 million (about Rs 2,430 crore) in an all cash deal. This was the largest ever acquisition by the Bangalore-headquartered company.