Incadea To Be Acquired By DealerTrack For GBP 121.6 Mln Cash; Stock Climbs

(RTTNews) - Shares of Incadea Plc (INCA.L) climbed around 33 percent in the morning trading in London after the company said it has agreed to be acquired by DealerTrack Technologies Inc. (TRAK) in about 121.6 million pounds deal.

The company said it has reached agreement on the terms of a recommended cash offer. Under the terms of the offer, incadea Shareholders who accept the offer will be entitled to receive 190 pence in cash for each incadea Share.

The offer price represents a premium of approximately 59.7 percent to the closing price on December 3, being the last Business Day prior to the announcement that incadea and Dealertrack were in discussions regarding a possible offer.

It also represents a premium of 74.6 percent to the volume-weighted average for the 30 days ended December 3.

The Board of incadea considers the terms of the offer to be fair and reasonable. The company noted that it has received irrevocable undertakings to accept the offer in respect of approximately 56.1 percent of the existing issued share capital of incadea.

In London, Incadea shares were gaining 45 pence or 32.49 percent, and trading at 183.50 pence.

DealerTrack shares closed Wednesday's trading at $43.40, up 5.83 percent.