TransWorks completes acquisition of Minacs

TransWorks Information Services, an Aditya Birla Nuvo group company, has completed the bid for Minacs Worldwide Inc.

According to a release issued by Aditya Birla Nuvo to the BSE today, TransWorks Information Services, on August 18, announced the completion of its bid for Minacs Worldwide through a wholly-owned subsidiary, AV TransWorks.

"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 the management and employees to build upon Minacs' strong customer relationships and outstanding growth opportunities," Dev Bhattacharya, group executive president of Aditya Birla Group, said.

Approximately 2.08 crore common shares of Minacs, representing around 91.08% of the common shares on a fully-diluted basis, were tendered in the offer, the release added. Persuant to the taking up of common shares tendered in the offer, TransWorks would indirectly own around 91.91% of the issued and outstanding common shares.

"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) and expects to complete that compulsory acquisition as soon as reasonably practicable," the release added.

The shares would be de-listed from the Toronto Stock Exchange upon completion of the compulsory acquisition, the release said.