Serco snaps up Cornwell
Engulfs management consulting firm
Public sector services giant Serco has tabled an offer to buy Cornwell Management Consultants Plc, an AIM-listed firm based in Surrey, for £7m.
Serco said in a statement that Cornwell had a good profile with the Identity and Passport Service as an IT and management consulting firm. It was also known in the NHS, and as an expert in document record management systems.
Serco also announced that it had been chosen to appear on the Metropolitan Police Department's Services Framework, which is worth a total of £200m to the select list of suppliers approved under EU rules as no-questions government suppliers.
It was also selected as one of 10 multidisciplinary IT suppliers of services thought to total £1.5bn over the next four years under the government's Catalyst framework.
Cornwell directors, who hold 30.4 per cent of the firm's ordinary shares, have already accepted the offer of 40p per share, which is 64.9 per cent more than the shares were worth at close of trading yesterday, and 15.9 per cent higher than before the offer period opened last October.
Another 22.3 per cent of shareholders have also conceded. ®