- SunGard Asia Pacific announces intention to make a conditional cash offer for all the issued ordinary Shares of System Access.
- Offer Price: S$0.36 in cash for each Offer Share, representing 20% premium over the last transacted price per Share on the SGX-SESDAQ of S$0.30 per Share on 21 July 2006.
- Offer values System Access at S$120.2 million.
- Offer conditional upon SunGard Asia Pacific receiving valid
acceptances such that it and its concert parties hold not less than 90% of the Shares in System Access.
- System Access to be made a wholly-owned subsidiary of SunGard Asia Pacific if the Offer is successful.
- SunGardâs best-of-breed financial software solutions combined with System Accessâ cutting edge universal core banking application software will help the Company to deliver greater value to global customers.
- Mr. Leslie Loh, the Founder, Executive Chairman and CEO of System Access, will continue to lead the Company after the proposed acquisition.
SESDAQ-listed System Access Limited ("System Accessâ or the âCompanyâ), one of the leading global providers of customised award-winning software solutions for the banking and financial services industry, today announced that SunGard Asia Pacific Inc (âSunGard Asia Pacificâ), a leader in financial software solutions and processing, intends to make a conditional cash offer (the âOfferâ) to acquire all the issued ordinary shares (âSharesâ) of System Access Limited (âSystem Accessâ or the âCompanyâ).
The proposed Offer price of S$0.36 per Share fully in cash represents a 20% premium over the last transacted price per Share on the SGX-SESDAQ of S$0.30 on 21 July 2006. Based on the fully diluted share capital of the company, the Offer values System Access at S$120.2 million.
Putting customersâ needs first, System Access will ensure no disruption in the services it delivers to its customers and partners. If the Offer is successful,
SunGard intends to make System Access its wholly owned subsidiary. The Company will remain under the leadership of Mr. Leslie Loh, the Founder, Executive Chairman and CEO of System Access.
Mr. Loh said, âOur management remains committed to growing the business. We
have invested significantly in our business for over 17 years to create a technologically advanced and functionally rich core banking system, wellrecognised
for its ability to support the comprehensive business operations of universal commercial banks. Our award-winning flagship SYMBOLS suite of integrated software products has a well-established track record in supporting banks in emerging economy markets. We are increasing our focus on targeting large banks and expanding into mature economiesâ.
âSunGard, a United States Fortune 500 financial software leader, with US$4 billion in revenues has 25,000 customers globally, including the worldâs 50 largest financial services companies. SunGardâs best-of-breed product offerings, distribution network and infrastructure, and strong brand name will enhance System Accessâ reachâ Mr. Loh added. âThe combination of System Accessâ product leadership and SunGard's strength will provide banks with the confidence
of partnering with a global leader who is experienced in delivering mission critical
systems to the worldâs 50 largest financial services companies.â
John Wilson, president of SunGardâs Asia Pacific business, commented, âCore banking is a strategic priority for banks in Asia Pacific and emerging markets.
The planned acquisition of System Access will help position SunGard with an expanded portfolio of product offerings that includes core banking alongside our
existing category-leading trading, treasury, risk and wealth management offerings.â
The Offer is conditional upon, other things, SunGard Asia Pacific receiving valid
acceptances such that it and its concert parties would hold not less than 90% of
the Shares at the close of the offer.
The Offeree Circular setting out the terms and conditions of the Offer, the recommendations of the directors independent of the Offer and the advice of the
independent financial adviser, will be sent to System Access shareholders within
the time period required by the Takeover Code.