Communisis now under new ownership
Tuesday, December 11, 2018
OSG's takeover of Communisis has completed, and the PLC has been de-listed from the stock market.
US-headquartered billings services specialist OSG’s recommended offer of 71p a share for the business gained court approval last week, and the associated scheme of arrangement became effective yesterday.
Communisis shares were de-listed as of this morning (11 December).
The group’s chairman David Gilbertson has resigned as a director of the business, as have non-executive directors Peter Harris, Jane Griffiths and Helen Sachdev.
Chief executive Andy Blundell remains in post along with his senior leadership team.
OSG’s chief executive Scott Bernstein and chief financial officer Kent Herring have also become directors of Communisis.
The takeover deal valued £376m turnover Communisis at £153.8m, and marked acquisitive OSG’s first foray into Europe. It means the business will more than double in size.
Since the deal was announced in October OSG has also acquired US firm NCP Solutions, and entered the Canadian market with the purchase of Formost MediaOne.
Both companies specialise in outsourced billing and document services.