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Groupe OPEN (Paris:OPN), an IT services company, announces that it has filed a Draft Prospectus with the AMF to increase its bid (?Projet de surenchère?) for its tender offer for Sylis shares launched on 7 July 2008 and open since 1st August 2008.

Groupe OPEN also announces that it has obtained commitments from Sylis's four main shareholders, M.Tricot, M.Mellentin, COMIR and Capexitis, to bring their shares to the offer at a price of 4.60 per share. Together, these shares represent 60% of the capital and 71% of the voting rights.

The modifications of the terms of the offer are the following:

  • The tender offer (the Main Offer) will be raised to 4.60 per share, versus 4.25 initially offered, representing a 104% premium compared to the closing price on 7 July 2008 and a 69% and a 63% premium compared to the average share price over the past three and six months.
  • The exchange tender offer (the Subsidiary Offer) is not maintained.
  • The threshold of renunciation, initially set at 50% of the voting rights, is withdrawn.

Sylis (ISIN : FR 0000038515 ; listed on the NextEconomy segment 972, IT services), listed on Compartment C of NYSE Euronext Paris, is one of the leading French IT services with 2007 turnover of 138M and 1,740 employees.

This operation would lead to the creation of a major leader in the French IT services, with a combined turnover of approximately 325M and more than 4,200 employees.

The Draft Prospectus (?Le projet de note relatif à la surenchère?) in relation to the raised offer is available on the AMF's website (www.amf-france.org) and also on the company's website (www.groupe-open.com).

Documentation concerning the raised offer is available free of charge from the following addressees:

Groupe OPEN

97, boulevard Pereire

75017 Paris

ODDO Corporate Finance

12, boulevard de a Madeleine

75009 Paris

The higher bid and the Draft Prospectus concerning the higher bid remain subject to AMF approval.

About Groupe OPEN

In 2007, Groupe OPEN (ISIN: FR 0004050300; listed on the NextEconomy segment; 972-IT services), IT services company, reported revenue of 187M, up 30 % over 2006. The Company has a solid network in France and Spain, as well as offices in England, Canada and Ukraine. In March 2008, Groupe OPEN had 2500 employees. Groupe OPEN is included in the CAC IT and SBF 250 indices.

Groupe OPEN:
Nicolas Hazout ? Financial communications
Tel: +33 1 40 53 34 45
nicolas.hazout@groupe-open.com
or
Brunswick:
Marie-Laurence Bouchon
Alexandra van Weddingen
Tel: +33 1 53 96 83 83
open@brunswickgroup.com