Chennai/Hyderabad, March 28, 2008: Four Soft Ltd. (4S) (NSE: "FOURSOFT", BSE: 532521) and TAKE Solutions Ltd. (BSE: TAKE) (NSE: TAKE), the leading providers of IT products and solutions in the Supply Chain Management space -- today announced their intent to merge. The combination will create a truly global, comprehensive company with one of the largest product offerings in Supply Chain Management.
Both companies have received “in principle” approval from their Board of Directors to consider the merger. Both Boards will appoint independent firms of Chartered Accountants and financial advisors to reach a fair valuation for the shareholders of both the companies.
The Boards of the two Companies expect to meet within 6 to 8 weeks to consider the reports of the advisors. The merger, if approved by both the Boards, will be subject to shareholders' approval of both companies and other regulatory approvals.
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Mr. Palem Srikanth Reddy, Chairman & CEO, Four Soft Ltd said,
“Four Soft has full service products/offerings on the service provider segments. Take Solutions’ product offerings complement this very well on the enterprise side. The combined range of Intellectual Property is unmatched globally and will enable both, good customer traction and good shareholder value”
Commenting on the proposed merger, Mr. Srinivasan.H.R, Vice Chairman &
Vision Holder, Take Solutions Ltd, said,
“The coming together of two leading first generation IT companies with
similar philosophies and vision will create a significant Intellectual Property
company based out of India with worldwide operations.
Four Soft Ltd. is a perfect foil to TAKE Solutions. Our strong presence in the
US and Asia Pacific complements Four Soft’s dominance in Europe and Japan.
The proposed merger of the two companies will leverage Indian innovation and a
strong partnering philosophy to become a truly global company in size and
capability in the coming years.”
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For customers, the newly expanded entity will seek to deliver the most effective
and extensive products and solutions through superior speed, technology and
innovation. |