Convergys Corporation Begins Tender Offer for Wiztec Solutions Ltd.CINCINNATI--(BUSINESS WIRE)--April 1, 1999--Convergys(SM) Corporation (NYSE NYSE See: New York Stock Exchange :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) ) today began a tender offer for all of the outstanding shares of Wiztec Solutions Ltd., (Nasdaq:WIZTF), not beneficially owned by Convergys, at a price of $18.30 per share net to seller in cash. The offer price represents a 10 percent premium over the closing price of Wiztec on March 25. It also represents a 20 percent premium over the $15.25 per share price negotiated in February with Wiztec's controlling shareholder group and paid on March 2 for 50 percent of the shares. Convergys currently owns approximately 70 percent of Wiztec. The tender offer is being made through Convergys' wholly-owned subsidiary, Convergys Israel Investments Ltd. It is scheduled to expire at midnight, Wednesday, April 28, 1999. The Information Agent is Georgeson & Company, Inc., and the Depository Bank A depository bank (U.S. usage) is a bank organized in the United States which provides all the stock transfer and agency services in connection with a depository receipt program. is IBJ IBJ Industrial Bank of Japan, Ltd. IBJ Illinois Business Journal IBJ International Brotherhood of Jones Whitehall Bank & Trust Company. The tender offer documents are available from the Information Agent. Convergys is the global leader in providing outsourced, integrated, customer care and billing services, and Wiztec is a leading provider of subscriber management systems for multi-channel subscription television. Since the announcement by Convergys and its subsidiary of its intention to commence the offer, two lawsuits have been filed in the Court of Common Pleas COURT OF COMMON PLEAS. The name of an English court which was established on the breaking up of the aula regis, for the determination of pleas merely civil. It was at first ambulatory, but was afterwards located. , Hamilton County, Ohio Hamilton County is a county located in the southwest corner of the state of Ohio, United States. The county seat is Cincinnati, and as of 2000, the population was 845,303. This made it the third most populous county in Ohio (and Ohio's second most densely populated county). : Carrazza, et al., vs. Wiztec Solutions, Ltd., et al., and Tucker vs. Wiztec Solutions, Ltd., et al. Each of the actions purports to be a class action and alleges that, through the conduct of the defendants, Convergys has proposed to acquire the shares at an unfair and inadequate price. Convergys believes the suits to be without merit and will contest them vigorously. This news release is not an offer or the solicitation of an offer to buy any securities of Wiztec Solutions Ltd., and no such offer or solicitation will be made except in compliance with applicable securities laws. ABOUT CONVERGYS Convergys Corporation is the global leader in providing outsourced, integrated, customer care and billing services, bringing together world-class resources and expertise to help clients transform customer relationships into a competitive advantage. Convergys software produces more than one million bills each day, and Convergys call centers handle more than one million calls each day. Convergys serves the top companies in a wide range of industries, including communications, technology, cable and broadband services, consumer products, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , utilities, healthcare, hospitality, and direct response. Headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , Convergys employs over 33,000 people at its more than 30 call centers, data centers, and other offices in the United States, Canada, and Europe. Convergys is on the Web at www.convergys.com Convergys is pronounced: kun VER Ver personification; portrayed as infantile and tender. [Rom. Myth.: LLEI, I: 322] See : Spring jis Convergys and the Convergys logo are service marks of Convergys Corporation. |
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