Wipro completes cash tender offer for Infocrossing

Wipro Ltd today announced the completion of the tender offer by its indirect wholly owned subsidiary, Roxy Acquisition Corp. for all outstanding shares of Infocrossing, Inc., at a price of $18.70 per share in cash.

The acquisition of Infocrossing announced in early August will enable Wipro Infotech to emerge as one of the world leaders in end-to-end IT infrastructure management solutions.
(See: Wipro to acquire Infocrossing)

The tender offer expired at 11:59 pm, New York City time, on 17 September 2007.

The depositary for the tender offer has advised Wipro that, as of the expiration of the tender offer, approximately 20,465,514 shares had been validly tendered and not withdrawn in the tender offer, and such tendered shares (together with all shares tendered pursuant to guaranteed delivery procedures) represent approximately 100 per cent of Infocrossing''s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.

Assuming the receipt of a sufficient number of shares tendered pursuant to guaranteed delivery procedures to ensure that Wipro holds at least 90 per cent of Infocrossing''s outstanding shares, Wipro intends to complete the acquisition of Infocrossing through a short-form merger as soon as practicable.

If necessary, the Wipro will exercise its option under the merger agreement to purchase newly issued Infocrossing shares in order to ensure ownership of at least 90 percent of the outstanding Infocrossing shares to complete the short-form merger. In the short-form merger, all outstanding Infocrossing shares not purchased in the tender offer will be converted into the right to receive $18.70 per share in cash.