Blackstone has partnered with Pactera management including non-executive chairman and Chris Chen, CEO Tiak Koon Loh, alongside three of the company’s executive committee.
The offer of $7.50 a share is considerably higher than Nasdaq-listed Pactera’s recent share price which, despite a recent surge, remains below $7.00 at the time of going to press. It is a premium of 39 per cent over the company’s volume-weighted average closing share price for the last 30 days, Blackstone said
The consortium intends to form an acquisition vehicle for deal, which will be financed with a combination of equity capital and third-party debt, according to a letter from the firm. The investment would be from Blackstone’s $16.2bn global buyout fund.
Pactera said its board of directors will form a special committee consisting of independent directors to consider this proposal.
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