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SI International to hold shareholders' meeting on Nov. 13 to vote on purchase by Serco
By Jennifer Chiou
New York, Oct. 8 - SI International, Inc. announced a special meeting of its stockholders on Nov. 13 in Virginia to vote on its plan of merger with Serco Group plc, Serco Inc. and Matador Acquisition Corp., a wholly owned subsidiary of Serco.
On Aug. 27, SI agreed to be acquired by Serco Inc. for $32 per share in cash, or a total of about $423 million.
Serco, the U.S.-based division of Serco Group plc, will assume SI International's debt of $87.3 million, net of cash, as part of the deal.
A previous form 8-K filed with the Securities and Exchange Commission said a $10 million termination fee is also part of the merger agreement.
As already reported, the boards of directors of both companies have approved the transaction, which is expected to close by the end of 2008.
Serco Inc. is a Reston, Va.-based government contractor. Its customers include the Department of Defense, U.S. intelligence and security agencies and federal civilian agencies.
SI International provides information services, technology and network solutions primarily to the federal government. The company is also located in Reston, Va.
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