CGI CEO Michael Roach.
CGI Group Inc. has extended its cash offer to buy American information technology firm Stanley Inc. for $903-million (U.S.).
The Montreal-based company says the offer will now expire on July 9 at midnight, while the rest of the terms remain the same.
CGI says the extension was made because certain conditions to the offer have not yet been met, including review and approval by the U.S. foreign investment committee and U.S. Defence Security Service.
The company has offered to pay $37.50 per share for Stanley, a premium of 29 per cent from Stanley's closing price of $29 on the New York Stock Exchange on May 6 - the last trading day before the offer.
The companies have said their boards approved the sale and Stanley directors and executives have pledged to vote their shares in support of the deal.
CGI says so far about 15.8 million shares of 71 per cent of the total have been tendered to the offer or not validly withdrawn.