ProvEquity, Ayala to buy eTelecare for $290M
Full Story: ProvEquity, Ayala to buy eTelecare for $290M Source: Providence Business News, September 19th, 2008 Added on September 19th, 2008 at 2:35 pm, by Matt Mikula
eTelecare Global Solutions (Nasdaq: ETEL) today announced a definitive agreement to be acquired by affiliates of Providence Equity Partners Inc. and Philippines-based Ayala Corp. for about $290 million.
Under their planned cash-tender offer in the United States and the Philippines, the Providence Equity and Ayala affiliates will pay $9 per share for “up to all of the outstanding shares of eTelecare common shares, and up to all of the outstanding eTelecare American Depositary Shares,” the companies said. That represents a 76-percent premium over the stock’s closing price yesterday on the Nasdaq Stock Exchange.