COGNICASE Inc. Shareholders Approve Proposed Transaction with National Bank Group Inc.

Strategic Insights -

COGNICASE Inc., a leading e-business integrator and Wireless/Internet electronic solutions provider, has announced that its shareholders have approved the proposed transaction with National Bank Group Inc. at a Special Meeting held in Montreal. As part of the transaction, COGNICASE will issue 9,291,008 common shares to National Bank Group for a consideration that includes an investment of C$20 million and the acquisition of SIBN Inc., National Bank's IT subsidiary. The transaction is set to close on May 31, 2000.

Key Takeaways:

  • The proposed transaction between COGNICASE Inc. and National Bank Group Inc. involves the issuance of 9,291,008 common shares to National Bank Group for a consideration of C$20 million and the acquisition of SIBN Inc., National Bank's IT subsidiary.
  • The shareholders of COGNICASE Inc. approved the proposed transaction at a Special Meeting held on May 26, 2000 in Montreal.
  • As part of the transaction, COGNICASE's shareholders also approved an amendment to the Stock Option Plan of the Corporation to increase the maximum number of common shares that may be issued from 2,300,000 to 3,300,000.
  • The modification to the Stock Option Plan will allow COGNICASE to remain competitive and maintain its ability to attract, retain, and motivate key personnel.
  • COGNICASE Inc. has four business units: Outsourcing and Integration, Electronic Business Solutions, Wireless/Internet Technologies, and Internet Portals.
  • The company employs around 3,500 professionals in several countries, including Canada, the United States, France, Spain, Italy, Belgium, the Netherlands, and Australia.

Statistics:

  • 9,291,008 common shares will be issued to National Bank Group by COGNICASE Inc. as part of the proposed transaction.
  • The consideration for the transaction includes an investment of C$20 million.
  • The acquisition of SIBN Inc., National Bank's IT subsidiary, is part of the proposed transaction.
  • The number of common shares that may be issued under the Stock Option Plan will increase from 2,300,000 to 3,300,000.

Sources:

  • COGNICASE Inc. Shareholders Approve Proposed Transaction with National Bank Group Inc. (Business Wire, May 29, 2000)
  • COGNICASE Inc. Press Release: Shareholders Approve Proposed Transaction with National Bank Group Inc. (May 26, 2000)