Xchanging called on its shareholders to accept an offer from Computer Sciences Corporation, as it pointed out that a superior offer from Ebix Inc was unlikely to materialise.
Xchanging shares surged on Wednesday after the business outsourcer said its board intends to unanimously recommend the cash offer from technology consulting company Computer Sciences Corp and withdraw its recommendation of the offer from London-listed peer Capita.
Outsourcing group Capita appears set to win the race for Xchanging as Apollo Investment Fund has dropped out.
Outsourcing group Capita said the board of peer Xchanging has recommended its 160p per share offer, which values the company at around £412m, although Xchanging is still in discussions with Apollo Global Management.
London stocks are expected to open lower on Wednesday as worries about global growth weigh on investors' minds and following weak Chinese inflation data.
Shares in business outsourcer Xchanging rocketed after the company confirmed it has received approaches from peer Capita and private equity group Apollo Global Management regarding offers for the company.
UK stocks are expected to open with strong gains on Monday, taking their cue from an impressive reversal on Wall Street on Friday.
Emerging economies risk "leading the world economy into a slump", with lower growth and a rout in financial markets, according to the latest Brookings Institution-Financial Times tracking index. Released ahead of the annual meetings of the International Monetary Fund and World Bank in Lima, Peru, the index paints a much more pessimistic outlook than the fund is likely to predict later this week. - Financial Times
Craig Wilson has been appointed as the new chief executive (CEO) of Xchanging, the business technology and service provider said.
Outsourcing company Xchanging shares fell sharply on Thursday as disappointing interim results were followed by the retirement of chief executive Ken Lever and a proposed restructuring of the procurement division.
Business process services group Xchanging saw its shares go down on Thursday after warning that its procurement division will post a greater first-half loss than in 2014.
Xchanging is to buy analytics company Spikes Cavell Analytic Limited (SCAL) for up to $11.5m, as the London-listed business services group looks to "differentiate its products and services through technology-enablement".
Charles-Henri Sabet, the executive chairman of London Capital Group (LCG), has shown his faith in the spread betting and CFDs company just two months after taking the role.
Antofagasta: Morgan Stanley upgrades from underweight to equal-weight with a target price of 750p.
Business process outsourcer Xchanging has agreed to acquire insurance software business Total Objects for up to £21m cash as it looks to strengthen its insurance binder offering.
Berkeley Group: Credit Suisse ups target price from 2506p to 2550p reiterating a neutral rating.
A round-up of the biggest director deals today so far.
Abcam: Investec reduces target price from 552p to 480p and reiterates its buy recommendation. Numis upgrades from hold to buy with a target price 510p.
Admiral Group: Canaccord Genuity raises target price from 1160p to 1400p and upgrades to hold.
AstraZeneca: Alphavalue lowers target price from 3169p to 3087.7p and downgrades from reduce to sell.