Intelligroup acquired by NTT DATA for $199 million
Clients Intelligroup, Inc.
Jones Day advised Intelligroup, Inc. in its $199 million acquisition agreement by NTT DATA Corporation, the Japan-based leading IT services company. NTT DATA acquired Intelligroup through an all-cash tender offer, followed by a second-step merger to acquire all remaining shares at the same price paid in the tender offer.
NTT DATA, through its wholly-owned subsidiary, Mobius Subsidiary Corporation, made an offer to purchase all outstanding shares of Intelligroup common stock for $4.65 per share, which represents a 21.1% premium to Intelligroup's average closing stock price over the last three-month period.
In addition to M&A work, Jones Day also provided antitrust, tax and employee benefits advice to Intelligroup, Inc. on this transaction.