SI International to be acquired by Serco, shares surge
SI International, Inc. (Nasdaq:SINT), a provider of information technology for the federal contracting sector, said this morning that it will be acquired by Serco Group, sending shares bolting in pre-market trading.
Serco will acquire SI International for $32 per share in cash, or an aggregate price of $423 million. The per share purchase price represents a 40% premium over SI International’s closing stock price on Tuesday. As part of the deal Serco will also assume SI International's debt, which, at June 28, 2008, was $87.3 million, net of cash.
Serco Group offers management services to government, military and commercial customers to improve internal processes.
Shares soared 35%, or $7.91, to $30.81 in pre-market trading. For detailed price information and news stories on SI International, click SINT.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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