By Lisa Kerner
Charlotte, N.C., Sept. 19 - Ayala Corp. and Providence Equity Partners said they will begin a tender offer for all of the outstanding common shares and outstanding American Depositary Shares of eTelecare Global Solutions, Inc.
The $9-per-share offer will be held in both the Philippines and the United States, an eTelecare news release said.
Total value of the transaction is approximately $290 million.
According to eTelecare, the per-share offer price is a 76% premium over the company's closing price on Sept. 18.
eTelecare said the offer is subject to at least 66.67% of its shares and ADSs being tendered. The offer is not conditioned on financing.
Ayala, a holding company for a Philippine diversified business group, is a long-term eTelecare shareholder. Providence is a private equity firm.
eTelecare provides business process outsourcing services. The company is based in Quezon City, the Philippines.
| Acquirers: | Ayala Corp. and Providence Equity Partners
|
| Target: | eTelecare Global Solutions, Inc.
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| Announcement date: | Sept. 19
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| Price per share: | $9.00
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| Transaction total: | $290 million
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| Expected closing: | Upon approvals
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| Stock price for target: | Nasdaq: ETEL: $5.10 on Sept. 18
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