Global BPO to tender for 20.62 million of its shares

By Lisa Kerner

Charlotte, N.C., June 2 - Global BPO Services Corp. announced it will begin a tender offer for the purchase of up to 20,625,001 shares of its outstanding common stock at $8 per share.

The offer will remain open for 20 business days, a Global BPO news release stated.

Global BPO, a Boston-based special-purpose acquisition corporation, will fund the tender offer using the proceeds from the issuance of convertible preferred shares and other available cash resources, including availability under its proposed revolving credit facility and term debt of approximately $108 million, according to the release.

"We believe that for those wishing to tender, our proposal offers a cash value in excess of the liquidation value of the trust fund," Global BPO chairman and chief executive officer Scott Murray stated in the release.

Global BPO, in conjunction with the private equity group of Ares Management LLC, agreed to acquire customer relationship management provider Stream Holding Corp. for $200 million.

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