TransWorks Information Services announces Success of Bid to Acquire Minacs Worldwide

Aditya Birla Nuvo Ltd has announced that TransWorks Information Services Ltd. ("TransWorks"), a member of the Aditya Birla Group, announced on August 18, 2006 the successful completion of its bid, through a wholly-owned subsidiary, AV TransWorks Ltd., for Minacs Worldwide Inc. ("Minacs"). Approximately 20,851,660 common shares of Minacs, representing approximately 91.08% of the common shares on a fully-diluted basis, were tendered to the offer.

Upon taking up the common shares tendered to the offer, TransWorks will indirectly own approximately 91.91% of the issued and outstanding common shares.

TransWorks has instructed the depositary for the offer, Computershare Investor Services Inc., to take up all of the common shares deposited to the offer. Payment to the shareholders who deposited their shares will be made by the depositary as soon as reasonably practicable.

"This is an important day for TransWorks and Minacs," said Dev Bhattacharya, Group Executive President, Aditya Birla Group. "TransWorks looks forward to the great opportunities that exist for the integration of the businesses of TransWorks and Minacs and is eager to work with management and employees to build upon Minacs´ strong customer relationships and outstanding growth opportunities."

Since more than 90% of the common shares have been deposited to the offer, TransWorks intends to exercise its right to acquire the remaining outstanding common shares of Minacs pursuant to a compulsory acquisition under the Business Corporations Act (Ontario). TransWorks expects to complete that compulsory acquisition as soon as reasonably practicable.

TransWorks expects the shares to be de-listed from the Toronto Stock Exchange upon completion of the compulsory acquisition.

Source : Equity Bulls

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