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Kanbay Rallies on Takeover

The IT services provider agrees to a buyout offer from France's Cap Gemini.
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Shares of

Kanbay International

(KBAY)

soared Thursday on news the company has agreed to a buyout offer from French computer services company

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Cap Gemini

.

Cap Gemini bid $29 a share for Kanbay, a 16% premium over its closing stock price on Wednesday. In recent trading, Kanbay shares were up $3.39, or 13.5%, to $28.40.

Kanbay provides information technology services, including management consulting, technology integration and development, and outsourcing solutions. The company is headquartered in Rosemont, Ill., but most of its operations are based in India.