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Aegis Proposes Acquisition of Call Center Operator ICTG Group for $8 Per Share

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Aegis Proposes Acquisition of Call Center Operator ICTG Group for $8 Per Share

March 02, 2009
By Susan J. Campbell
TMCnet Contributing Editor
Aegis Limited, an Essar Group company and global business process outsourcing provider, has announced it has proposed to the Board of Directors of ICT Group to complete an acquisition of all outstanding shares of ICTG common stock for $8.00 per share. A call center operator, ICTG offers Aegis the opportunity to expand its current operations.

Set to be paid in cash, this offer represents a premium of roughly 71 percent over a 30 day average closing price of ICTG shares and roughly 122 percent premium above the closing price as of February 27, 2009 of ICTG shares. The newly formed company would combine a diverse client base, an expanded geographic footprint and a substantial scale of operations. 

"We have great respect for ICT Group and its management team, and believe that together we can create a platform for strong long-term growth," said Aparup Sengupta, Managing Director and Global CEO of Aegis, in a Monday statement.

"The combined business will offer a wider set of services and solutions to both companies' clients, enabling us to broaden and deepen our relationships with them."

While the acquisition is subject to certain due diligence and approvals, upon acceptance of the terms, Aegis hopes to acquire all of the outstanding shares of ICTG in a merger transaction.

In an effort to win approval, Aegis is seeking the support of the Board of ICTG to guide the transaction on a friendly basis through a merger between ICTG and a subsidiary or special purpose vehicle or parent of Aegis.

Aegis has been no stranger to successful mergers and acquisitions in the past four years. Its most recent activities included an acquisition in October of 2008 of PeopleSupport (News - Alert) Inc., an outsourcing firm. As a result of its recent accomplishments, the company has established a record of aligning the interests of all stakeholders in a short period of time.

A global BPO provider, Aegis is one of the largest domestic BPO providers in India and is part of the Essar Group, which is a diversified business group with a balanced portfolio of assets in the manufacturing and services sectors, including steel, energy, power, communications, shipping and logistics, construction, mining and minerals.

This announcement has spurred activity for ICT Group as its stock was trading higher today by 63 percent to reach $5.88. Approval of the acquisition will also likely have an impact on the stocks of both companies. As to the impact the acquisition will have on internal business practices or employees, Aegis has yet to make further announcements.

Susan J. Campbell is a contributing editor for TMCnet and has also written for To read more of Susan’s articles, please visit her columnist page.

Edited by Tim Gray
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