The price offered for the shares represents a significant premium of 30% compared to the volume weighted average trading price of Mandator's shares in the 10 trading days prior to the announcement of the offer. The Board of Directors of Mandator unanimously recommends the shareholders of Mandator to accept the offer.
Sweden has a large IT services market which Fujitsu Services believes has a strong growth potential. It is also home to many important global brands.
Mandator is a successful and growing IT services business which employs more than 560 people - 390 being based in Sweden, 100 in Estonia (also a preferred near-shore location for Nordic customers) and the remainder in Denmark and the UK.
Mike Stares, managing director of Nordic operations, Fujitsu Services, said, “Mandator’s capabilities in application services, systems integration, project management and consulting are complementary to the strong infrastructure and outsourcing services offered by Fujitsu Services. The combination of Fujitsu Services and Mandator will form the 6th largest IT services company in Sweden with a full range of offerings, a broad base of customers and excellent career opportunities for the people in both companies”.
Full terms and conditions of Fujitsu Services' offer may be found at http://uk.fujitsu.com/offer.
Fujitsu Services is a leading European information technology services company. Its business is helping its customers realise the value of information technology through the application of consulting, systems integration and managed service contracts. It serves customers in the private and public sectors across Europe including retail, financial services, healthcare and government. With an annual turnover of £2.56 billion (€3.22 billion), it employs over 21,000 people across 20 countries. Headquartered in London, Fujitsu Services is the European IT services arm of the US$53 billion (€32.9 billion) Fujitsu Group. Visit pt.fujitsu.com or uk.fujitsu.com for more information.
Mandator is an IT consultancy company which provides services within systems integration, applications development and management and IT infrastructure. The Company had 514 employees at year-end 2006, with operations in Sweden, Denmark, Finland, Estonia and the UK. Mandator's priority sectors are manufacturing sector, the telecom industry and the public sector, together accounting for approximately 72 per cent of sales in 2006. The Company enjoys a strong position in Sweden and has long established relationships with Swedish municipalities and several top bluechip companies in Sweden. Clients include amongst others Ericsson, Sandvik, Volvo Car, Volvo Group, Symbian, NCC, Sony Ericsson, Tele2, FMV (Swedish Defence Materiel Administration) and Vägverket (Swedish National Road Administration). In 2006 sales amounted to approximately SEK  million and the operating profit to approximately SEK  million. The Company was formed in 1982 and its shares are listed on the OMX Nordic Exchange Stockholm, Small Cap.
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Date: 08 October, 2007