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EXHIBIT 99(a)(5)(xv)
Contact: MEDIA INQUIRIES: FOR IMMEDIATE RELEASE
Mike Dickerson Moved on PR Newswire
Sr. Manager, Corp. Communications December 21, 2000
Corporate
310.615.1647
[email protected]
FINANCIAL ANALYSTS: SHAREHOLDERS:
Bill Lackey Morrow & Co.
Director, Investor Relations 800.566.9061
Corporate [email protected]
310.615.1700
[email protected]
CSC ACQUIRES MYND CORPORATION
EL SEGUNDO, Calif., Dec. 21 - Computer Sciences Corporation (NYSE: CSC)
today announced that it has completed its $16 per share cash tender offer for
shares of Mynd Corporation (NYSE: YND), formerly known as Policy Management
Systems Corporation. Over 90 percent of the outstanding Mynd shares were validly
tendered into the tender offer, which expired at 5:00 p.m., Eastern Standard
Time, yesterday.
CSC today accepted all of such shares for payment. CSC will acquire the
remaining shares at $16 per share through a merger, expected to be consummated
shortly. After the merger, Mynd will be a wholly owned subsidiary of CSC.
Late yesterday, the Federal Trade Commission announced that it had
accepted a proposed consent order and granted regulatory clearance for the
acquisition of Mynd by CSC. The proposed consent order, which is available (with
the FTC announcement) at http://www.ftc.gov, requires CSC to divest Mynd's
claims assessment system, known as Claims Outcome Advisor (COA).
In compliance with the proposed consent order, CSC and Mynd have
entered into an agreement to sell COA to a unit of New York-based Insurance
Services Office, Inc.
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Computer Sciences Corporation - page 2 December 21, 2000
The divestiture requirement of the proposed consent order is subject to
modification by the FTC following the standard 30-day public comment period.
"The acquisition of Mynd is motivated by CSC's long-term commitment to
the global financial services industry and by our goal of creating value for the
clients, employees and shareholders of both companies," said CSC Chairman,
President and CEO Van B. Honeycutt. "Combining the strengths of the two
companies presents us with an opportunity to provide expanded information
technology solutions more cost effectively."
"Mynd's solid portfolio of insurance-related products and service
offerings, its knowledgeable and experienced staff, and its prestigious client
base combine to form an attractive addition to CSC's capabilities," he added.
The majority of Mynd operations will be transitioned into CSC's global
Financial Services Group. Information technology (IT) infrastructure
administration will be integrated into CSC's Global Infrastructure Services
Group, which provides computing services for all CSC business units. The
integrated organization will go to market under the CSC brand.
CSC has long served the financial services industry, which spends an
estimated $200 billion per year on IT services. CSC enhanced its presence in the
financial services industry in 1996 with the acquisition of The Continuum
Company. Since that acquisition, the company's revenues from the financial
services industry have more than doubled, making it CSC's largest commercial
vertical venture.
"Our merger with Mynd will provide us with greater opportunities to
leverage CSC's specialized industry and outsourcing expertise," said Pete
Boykin, president of CSC's Financial Services Group. "In addition, Mynd's
technology and services offerings expand and complement our ability to deliver
end-to-end solutions for insurers and other firms in the converging financial
services industries around the world."
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Computer Sciences Corporation - page 3 December 21, 2000
"We will examine all of the resources within Mynd to determine how they
best complement those we presently have within CSC," added Boykin. With the
additional resources from Mynd, particularly those related to e-business,
customer relationship management and outsourcing, CSC will be able to deploy a
broader base of personnel and IT solutions. Following the merger, CSC will have
in excess of 15,000 people serving 1,200 clients in the financial services
industry in more than 60 countries.
Computer Sciences Corporation, one of the world's leading consulting
and IT services firms, helps clients in industry and government achieve
strategic and operational results through the use of technology. The company's
success is based on its culture of working collaboratively with clients to
develop innovative technology strategies and solutions that address specific
business challenges.
Having guided clients through every major wave of change in information
technology since 1959, CSC combines the newest technologies with its
capabilities in consulting, systems design and integration, IT and business
process outsourcing, applications software, and Web and application hosting to
meet the individual needs of global corporations and organizations. With more
than 61,000 employees in locations worldwide, CSC had revenues of $9.9 billion
for the twelve months ended September 29, 2000. It is headquartered in El
Segundo, California. For more information, visit the company's Web site at
www.csc.com.
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ALL STATEMENTS IN THIS PRESS RELEASE THAT DO NOT DIRECTLY AND
EXCLUSIVELY RELATE TO HISTORICAL FACTS CONSTITUTE "FORWARD-LOOKING STATEMENTS."
THESE STATEMENTS REPRESENT THE COMPANY'S INTENTIONS, PLANS, EXPECTATIONS AND
BELIEFS, AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS, MANY OF
WHICH ARE OUTSIDE THE COMPANY'S CONTROL. THESE FACTORS COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM SUCH FORWARD-LOOKING STATEMENTS. FOR A WRITTEN
DESCRIPTION OF THESE FACTORS, SEE THE SECTION TITLED "MANAGEMENT'S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS" IN CSC'S FORM
10-Q FOR THE QUARTER ENDED SEPTEMBER 29, 2000.
