India, March 10 -- Magic Software Enterprises Ltd. (MGIC), a global provider of IT consulting services and end-to-end integration and application development platforms solutions, announced that it signed an Memorandum of Understanding with respect to a proposed merger with Matrix I.T Ltd.
MGIC closed Monday's regular trading at $12.85 up $0.95 or 7.98%.
According to the provisions of the MOU, Magic and Matrix agreed to negotiate a definitive agreement regarding a merger, under which Matrix will acquire the entire share capital of Magic, by way of a reverse triangular merger, upon completion of which Magic will become a private company wholly owned by Matrix. The consideration to Magic's shareholders will be in the form of Matrix's ordinar...