CSC Computer Sciences International Operations Limited made an offer to acquire Xchanging plc (LSE:XCH) from a group of shareholders for £420 million in cash on November 12, 2015. Under the terms, Computer Sciences will pay £1.7 per share in cash as consideration. As of December 8, 2015, CSC revised its offer to £1.9 per share (£480 million for 252.5 million shares). The group of sellers consists of Threadneedle Asset Management Holdings Ltd., Artemis Investment Management LLP and other shareholders. The consideration payable under the Offer will be funded through CSC's existing cash resources. CSC has received irrevocable undertakings from Odey, Artemis, Fidelity and T. Rowe Price. If the offer becomes, or is declared, unconditional in all respects and CSC receives acceptances under the Offer in respect of, and/or otherwise acquires, not less than 90% of the Xchanging Shares by nominal value and voting rights attaching to such shares to which the Offer relates, CSC intends to apply the provisions of sections 974 to 991 (inclusive) of the Companies Act to acquire compulsorily any outstanding Xchanging Shares to which the Offer relates not acquired, or agreed to be acquired, pursuant to the Offer or otherwise. As of May 4, 2016, CSC Computer has received valid acceptances representing approximately 91.88% of the existing issued share capital of Xchanging. The Offer will remain open for acceptance till May 26, 2016, and will close on that date. Xchanging shareholders who do not accept the Offer by May 26, 2016 will have their shares compulsorily acquired. The cancellation of listing of Xchanging Shares on the Official List and admission to trading of Xchanging Shares on the Main Market is expected to take effect on or around June 6, 2016. Computer Sciences Corporation (NYSE:CSC) reached an agreement to acquire Xchanging plc (LSE:XCH) from a group of shareholders on December 9, 2015. CSC intends that the existing employment rights, including pension rights, of all Xchanging employees will be safeguarded on completion of the Offer. Computer Sciences Corporation has received irrevocable undertakings from Odey, Artemis, Fidelity and T. Rowe Price, institutional shareholders of Xchanging, to accept the offer. The deal is subject to minimum tender condition of atleast 75% shareholders tendering their shares, approval from FCA, EU and FTC or the Antitrust Division of the Department of Justice and other third party clearances. Xchanging Directors intend to unanimously recommend that Xchanging Shareholders accept the Offer. The first offer closing date is January 15, 2016. As of December 23, 2015, CSC Computer Sciences International Operations Limited acquired 24.8 million ordinary shares of representing 9.99% from Capita plc. As of January 11, 2016, Xchanging recommend its shareholders accept the offer from Computer Sciences Corporation. As of January 11, 2016, Computer Sciences owned and had commitments representing 57.06% of Xchanging shares. As of January 15, 2016, CSC received acceptances representing approximately 87.05% of the share capital of Xchanging. As of February 5, 2016, CSC received acceptances representing approximately 91.78% of the share capital of Xchanging. In order to accommodate the review process relating to the Merger Control and Regulatory Approvals, CSC and Xchanging have requested and received the consent of the Panel to extend the date by which the offer must become or be declared unconditional in all respects until May 16, 2016. CSC Computer Sciences International Operations Limited announced that the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has been terminated. The offer remains subject only to the conditions of the European Commission taking a decision, the Financial Conduct Authority approval and the competent regulator under section 2c KWG (the German Banking Act) having confirmed in writing that it has no objections to the proposed acquisition. As of March 30, 2016, the transaction has been approved by European Commission. As of April 26, 2016, the transaction has been approved by the Financial Conduct Authority. As on May 5, 2016, CSC Computer Sciences waived the German regulatory approval condition and accordingly the offer became unconditional. William Rucker, Cyrus Kapadia and Olivier Christnacht of Lazard & Co., Limited acted as financial advisors, Christopher Baird and James Rudd of Investec and Peter Tracey, Neil Patel of Liberum acted as corporate brokers and Emma Burdett, Dan Yea of Maitland acted as PR advisors for Xchanging plc. Richard Browne and Annabelle Croker of Allen & Overy LLP acted as the legal advisor for Computer Sciences. Nick Harper, Jonathan Hall, Colin Ryan and Nick Pomponi of Goldman Sachs International acted as the financial advisor and Yogesh Chande, Ashni Roy, Samidha Tyagi, Malek-Ul-Ashtar Shipchandler, Neha Shaw, Ashoo Gupta, Oscar D'sa, Sandeep Chilana, Charu Mehta, Meghna Rajadhakshya, Daryush Marfatia, Aurica Bhattacharya, Apurv Gupta, Pallavi Kishore, Salonee Kulkarni, Aparna Mehra, Prateek Bhattacharya, Akshay Chudasama and Karan Latayan Shardul of Amarchand Mangaldas and Co acted as legal advisor for Computer. Karen Davies, Dominic Ross, David Dowding, Harry Thimont. Paul Randall, Ross Mackenzie and Jake Green of Ashurst acted as legal advisors for Xchanging plc. Stephen M. Kotran of Sullivan & Cromwell acted as legal advisor for Goldman Sachs. Kotak Mahindra Capital Company Limited are the managers to the offer. CSC Computer Sciences International Operations Limited completed the acquisition of Xchanging plc (LSE:XCH) from a group of shareholders on May 4, 2016. Geoff Unwin, Ian Cormack, Saurabh Srivastava, Bill Thomas and Stephen Wilson have resigned as directors of Xchanging, in each case with effect from May 5, 2016. Mark Pickett and Michael Woodfine were appointed as new directors of Xchanging with effect from May 5, 2016. The cancellation of listing of Xchanging Shares on the Official List and admission to trading of Xchanging Shares on the Main Market is expected to take effect on or around June 6, 2016. CSC will now acquire compulsorily the remaining Xchanging Shares. Notice will be sent to non-assenting Xchanging shareholders informing them of the compulsory acquisition of their shares by CSC. The transaction was approved by the shareholders of Xchanging and by the Board of CSC.