Computer Sciences Corporation (CSC) is a step closer to acquiring UK insurance outsourcing business Xchanging after its takeover bid met US regulatory requirements.

The US-listed group’s £480 million ($933 million) cash offer, which has been endorsed by Xchanging’s board, remains subject to UK and European regulatory approvals.

The long-running battle for the British company appears to be nearing a close after CSC’s £1.90 ($3.70) per share bid eclipsed rival offers.

Ebix, another US group that was pursuing the UK outfit, made the second-highest bid of £450 million ($875 million). It has not moved to better CSC’s offer.

“Given the very limited engagement Ebix or its advisers have had with Xchanging to date, there remains no certainty that Ebix will announce a firm intention to make an offer,” Xchanging says.