Wipro completes cash tender offer for Infocrossing

Wipro Limited, the third largest software exporter in India, has completed the tender offer for all outstanding shares of the US-based outsourcing company, Infocrossing, through its indirect wholly owned subsidiary, Roxy Acquisition Corporation for $18.70 per share.

According to the tender offer, about 20.456,524 shares "" representing about 100 per cent of issued and outstanding shares of Infocrossing "" were validly offered and subsequently acquired by Wipro when the offer expired on September 17. Wipro said that it was expecting to complete the Infocrossing acquisition through a short-form merger as soon as possible.

The company also said that if required, it was intending to exercise option under the merger agreement to purchase newly-issued Infocrossing shares to ensure ownership of at least 90 per cent of the outstanding shares.

Wipro had earlier announced the acquisition of Nasdaq-listed Infocrossing for around $600 million (about Rs 2,430 crore) in an all cash deal. This was the largest ever acquisition by the Bangalore-headquartered company.