In an announcement by the company, Pactera Technology International Ltd said that a non-binding proposal has been received from the group led by the manageemnt of the company and Blackstone Group LP. The offer is worth US$680.3 million and acceptance would mean that the largest technology outsourcing company of China would be in the hand of private parties.
Pactera further announced that its board of directors would likely form a special committee of independent directors to review and assess the Blackstone-Pactera Management consortium's offer at US$7.50 per share.
With the announcement, share values of Pactera jumped 31.1% to US$6.90 per share. Prior to this announcement, shares were down 33.8% in 2013. At the NASDAQ IXIC though, the shares appreciated by nearly 16% this year.
The bid was formalized through a letter, saying Blackstone had agreed with Pactera's non-executive chairman Chris Chen, Pactera CEO Tiak Koon Loh and three other executive committee members. The offer was a preliminary introduction of interest and includes a 39% premium over the volume weighted average of the company's share price in the last 30 days.
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