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Why Have CSG Limited (ASX:CSV) Shares Rocketed 30% Today?

The CSG Limited (ASX: CSV) share price has jumped almost 30% higher today in response to a takeover bid. Here’s what you need to know.

About CSG

CSG is a full-service print and business technology solutions provider in Australia and New Zealand. CSG also operates an equipment financing division across both countries to facilitate the sale of its product suite. CSG services customers ranging from small-to-medium enterprises, through to large corporate, government and commercial clients.

Takeover Bid

It’s been a difficult couple of years and a roller coaster ride for CSG shareholders.

 Source: Google Finance

Some welcome relief has arrived today in the form of a takeover bid from Fuji Xerox. The proposed takeover, to be implemented by way of a scheme of arrangement, is for $0.31 per share and has the backing of the CSG board and largest shareholder Caledonia Investments, who account for a huge 29% of the share register.

The bid is all cash and at a 31.9% premium to yesterday’s closing price of $0.235 per share.

There are a few conditions attached, namely ACCC and NZCC approval, and of course shareholder approval.

Fuji Xerox is one of the largest integrated document and print management providers in the Asia-
Pacific region, and a market leader in Australia and New Zealand.

What Now?

For shareholders, it’s wait and see. A competing higher bid could be lobbed by someone else, while the CSG board of directors have recommended shareholders vote in favour of the scheme in the absence of a superior proposal.

The company expects the shareholder vote will be held in early February. Until then, you may want to consider one of the shares in the free report below.

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Disclosure: At the time of writing David does not own CSG shares, although this could change at any time.

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