Aditya Birla Group completes acquisition of Minacs Worldwide

Aditya Birla Group company TransWorks Information Services Ltd has completed its bid for Minacs Worldwide Inc through AV TransWorks Ltd, a wholly-owned subsidiary. The deal was concluded on 18 August  2006. Approximately 20,851,660 common shares of Minacs, representing approximately 91.08 per cent of its equity, had been tendered for sale under the offer.

Upon taking up the common shares tendered to the offer, TransWorks will indirectly own approximately 91.91 per cent of the issued and outstanding common shares.

Since more than 90 per cent of the common shares have been deposited for sale, TransWorks intends to exercise its right to acquire the remaining outstanding common shares of Minacs under the compulsory acquisition under the Business Corporations Act (Ontario).

TransWorks expects to complete that compulsory acquisition as soon as reasonably practicable after which the shares would be de-listed from the Toronto Stock Exchange.

The company says that payment to the shareholders who deposited their shares will be made shortly.

"This is an important day for TransWorks and Minacs," said Dev Bhattacharya, group executive president, Aditya Birla Group. "TransWorks looks forward to the great opportunities that exist for the integration of the businesses of TransWorks and Minacs and is eager to work with management and employees to build upon Minacs' strong customer relationships and outstanding growth opportunities."