October 04, 2005
Tata Technologies announces INCAT offer unconditional in all respects
Tata Technologies (TTL), through its subsidiary, Tata Technologies Inc, USA (TTUS), today announced that it has received unconditional acceptance of approximately 92.5 per cent of the equity shares of INCAT International plc, a UK-based company listed on the Alternative Investment Market (AIM) of the London Stock Exchange, for which it had made a cash offer.
As of October 3, 2005, valid acceptances of the offer had been received in respect of a total of 22,448,051 INCAT shares comprising approximately 92.5 per cent of INCAT’s existing issued ordinary share capital. The offer will remain open for acceptance until further notice.
TTUS had made a cash offer at 220pence per share (Rs169.40 per share). The offer price had represented a 4 per cent premium on INCAT’s closing price of 211.5pence per share, as on August 17, 2005, when TTUS made an open offer to acquire INCAT International.
Both Tata Technologies and INCAT provide engineering and design services and PLM (product lifecycle management) products and services, primarily to manufacturers and their suppliers in the international automotive, aerospace and engineering markets.
The offshore capabilities of Tata Technologies in the field of engineering automation services combined with the high-end onshore strengths of INCAT are expected to offer a strong and seamless onshore / offshore delivery capability to the international customers in the automotive, aerospace and engineering industries.
Patrick McGoldrick, CEO of Tata Technologies, said, "We are delighted that our two teams will now be joining forces. We are confident that the joint operations of Tata Technologies and INCAT will add even more value to our combined international customer base through our ability to deliver E&D and PLM solutions in the most timely and cost-effective manner — onsite, near-shore and offshore. We welcome INCAT’s management and staff to the Tata Technologies’ family and look forward to working closely with them."
Tata Technologies and INCAT together have a combined turnover of approximately Rs695.6 crore. The new combined entity services some of the world’s best-known names in automotive, aerospace and engineering industries in North America, Europe and Asia-Pacific. They together, as a leading end-to-end automotive engineering and design services company, will create greater value for their customers by combining state-of-the-art technologies with a real-world understanding of engineering and manufacturing processes, to bring down costs and reduce time to market.