Computer Sciences Corporation (NYSE:CSC) announces that pursuant to a sale and purchase agreement dated 22 December 2015 (the “Sale and Purchase Agreement”) it has acquired 24,760,355 ordinary shares of 5 pence each in Xchanging plc (“Xchanging”), representing 9.99 per cent. of the existing ordinary share capital of Xchanging, from Capita plc at a price of 190 pence per Xchanging Share.

In aggregate, CSC Bidco has received irrevocable undertakings, other commitments and a letter of intent to accept its recommended cash offer for the entire issued and to be issued ordinary share capital of Xchanging (the “Offer”) in respect of a total of 116,663,891 Xchanging Shares, representing approximately 47.07 per cent. of the existing ordinary share capital of Xchanging in issue on 22 December 2015 (being the latest practicable date prior to this announcement).

Following the acquisition of the 9.99 per cent. shareholding in Xchanging, CSC Bidco holds shares in, and has irrevocable undertakings, other commitments and a letter of intent to accept the Offer in respect of, a total of 141,424,246 Xchanging Shares, representing approximately 57.06 per cent. of the existing ordinary share capital of Xchanging in issue on 22 December 2015 (being the latest practicable date prior to this announcement).

The offer document (the “Offer Document”) containing the full terms and conditions of the Offer, and the procedures for its acceptance, was published and posted on 15 December 2015, with the first closing date of the Offer being 15 January 2016. CSC Bidco has the ability to close the Offer on 15 January 2016 but is not required to do so.

A copy of the Sale and Purchase Agreement will be available on CSC’s website (www.csc.com) by no later than noon (London time) on 23 December 2015 until the end of the Offer Period.

In addition, CSC intends to appeal to the Takeover Appeal Board regarding the decision of the Hearings Committee of the Takeover Panel to uphold the ruling of the Panel Executive regarding Ebix on 9 December 2015. (Original Source)

Shares of Computer Sciences Corp. closed yesterday at $32.22, down $0.03 or -0.09%. CSC has a 1-year high of $39.14 and a 1-year low of $29.51. The stock’s 50-day moving average is $44.78 and its 200-day moving average is $52.19.

On the ratings front, Computer Sciences Corp. has been the subject of a number of recent research reports. In a report issued on December 1, Suntrust Robinson Humphrey analyst Frank Atkins downgraded CSC to Hold. Separately, on November 5, Deutsche Bank’s Bryan Keane maintained a Hold rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Frank Atkins and Bryan Keane have a total average return of -10.2% and 12.5% respectively. Atkins has a success rate of 50.0% and is ranked #2665 out of 3649 analysts, while Keane has a success rate of 69.8% and is ranked #183.

Computer Sciences Corp provides information technology (IT) and professional services and solutions. The Company’s reportable segments are Global Business Services (GBS), Global Infrastructure Services (GIS), and North American Public Sector (NPS).