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EXHIBIT (a)(5)(vii)
COMPUTER SCIENCES CORPORATION
2100 East Grand Avenue
El Segundo, California 90245
NEWS RELEASE
CONTACT: MEDIA INQUIRIES: FOR IMMEDIATE RELEASE
Frank Pollare Moved On PR Newswire
Director, Public Information July 12, 2000
Corporate
310.615.1601
[email protected]
FINANCIAL ANALYSTS: SHAREHOLDERS:
Bill Lackey Morrow & Co.
Director, Investor Relations 800.566.9061
Corporate
310.615.1700
[email protected]
CSC EXTENDS TENDER OFFER FOR MYND, FORMERLY POLICY MANAGEMENT SYSTEMS
EL SEGUNDO, Calif., July 12 -- Computer Sciences Corporation (NYSE:
CSC) today announced that its filing under the Hart-Scott-Rodino Antitrust
Improvement Act in connection with its $16 per share cash tender offer for
Policy Management Systems Corporation (NYSE:PMS), d/b/a/ Mynd, will be withdrawn
tomorrow and refiled on July 17. CSC is taking this action in order to allow the
Federal Trade Commission more time to complete its review of the filing.
The Hart-Scott-Rodino (HSR) statute typically affords the U.S.
antitrust enforcement agencies 30 calendar days to review a proposed
acquisition. When the first step of a proposed acquisition is a cash tender
offer, however, the review period is shortened to 15 calendar days. Withdrawing
and then refiling the application provides the FTC with a more customary review
period.
As a result of CSC's refiling, the 15-day HSR review period will end at
11:59 p.m., Eastern Daylight Time, on August 1. In order to permit Mynd
shareholders an opportunity to tender their shares after the expiration of the
HSR review period, CSC is extending the expiration date of the tender offer to
11:59 p.m., Eastern Daylight Time, on August 2. As of the close of business
today, approximately 489,144 Mynd shares, representing approximately 1.4 percent
of the total outstanding, had been validly tendered into the offer.
Morrow & Co., Inc. is the information agent for the tender offer and
Goldman, Sachs & Co. is the dealer manager.
Computer Sciences Corporation, one of the world's leading consulting
and information technology (IT) services firms, helps clients in industry and
government achieve strategic and operational objectives through the use of
technology. Having guided clients through every major wave of change in IT for
more than 40 years, CSC today is well positioned to develop and apply IT
strategies and technologies, particularly in the e-business area, based on its
full range of capabilities in management and IT consulting; systems design and
integration; applications software; Web and application hosting; and IT and
business process outsourcing.
Since its formation in 1959, CSC has been known for its flexibility and
customer-centric culture. Through numerous agreements with hardware and software
firms, the company develops and manages solutions specifically tailored to each
client's needs. With more than 58,000 employees in locations worldwide, CSC had
revenues of $9.4 billion for the twelve months ended March 31, 2000. It is
headquartered in El Segundo, California. For more information, visit the
company's Web site at www.csc.com.
