Cambridge Technology Enterprises terminates agreement to acquire Protege Software Services Inc

Cambridge Technology Enterprises Ltd has announced that the Company had entered into a Share Purchase agreement with M/s Protege Software Services Inc., USA on September 05, 2008 pending approval from Foreign Investment Promotion Board (FIPB-Unit), New Delhi to acquire 100% shares of the said Company. As per the terms of the Share Purchase Agreement, the closing formalities could not be completed on or before the stipulated time frame i.e. before January 15, 2009. Hence, both the parties have now decided to mutually terminate the said agreement in view of the prevailing adverse market conditions and the same was duly approved in the Board Meeting of the Company held on January 20, 2009.

Further, the Company has informed that the proposed preferential allotment of shares to the Shareholders of M/s Protege Software Services Inc., USA as part of the purchase consideration has also been cancelled. Hence, no action is being initiated by the company towards issue of equity shares on preferential basis.

The stock closed the day at Rs.15.90, up by Rs.0.20 or 1.27%. The stock hit an intraday high of Rs.16.10 and low of Rs.15.

The total traded quantity was 4419 compared to 2 week average of 3082.

Source : Equity Bulls

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