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News Breaks | | | | November 23, 2012 | | 12:39 EDT |  | PACT | Lone Pine Capital reports 8.4% passive stake in Pactera
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News For PACT From The Last 14 Days Check below for free stories on PACT the last two weeks. |
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| May 20, 2013 | | 13:06 EDT |  | PACT | On The Fly: Midday Wrap
Stocks on Wall Street were modestly higher at midday as the Dow and S&P seek to continue their march higher after closing last week at record levels. ECONOMIC EVENTS: In the U.S., the light domestic economic calendar included the Chicago Fed National Activity index, which slipped to -0.53 for April from its prior reading of -0.23. In Asia, the Hang Seng and Shanghai Composite both climbed after Chinese home prices were reported to have risen in April. COMPANY NEWS: Yahoo (YHOO) confirmed it is buying social media platform Tumblr for $1.1B, as widely reported over the weekend, and promised "not to screw it up" in its press release to announce the deal... Actavis (ACT) agreed to acquire Warner Chilcott (WCRX) in a stock-for-stock transaction valued at approximately $8.5B. The deal, which was approved by the boards of both companies, equates to a value of $20.08 per Warner Chilcott share based on Actavis' closing share price on Friday, the companies said. MAJOR MOVERS: Among the notable gainers were some other companies with M&A news: Acquity Group (AQ) shares more than doubled after Accenture (ACN) agreed to buy the company for $13.00 per American Depositary Share, and Pactera Technology (PACT) gained 31% after receiving a non-binding proposal from a Blackstone (BX) affiliate to be taken private for $7.50 per ADS. Among the noteworthy losers was XenoPort (XNPT), which fell 11% after one of its drugs failed in a Phase III trial for multiple sclerosis spasticity. Also lower were shares of Red Hat (RHT), which slid 4% following a downgrade to Market Perform at BMO Capital. INDICES: Near 1 pm ET, the Dow was up 13.67, or 0.09%, to 15,368.07; the Nasdaq was up 1.13, or 0.03%, to 3,500.10; and the S&P 500 was up 2.18, or 0.13%, to 1,669.65. | | | 09:26 EDT | | PACT | On The Fly: Pre-market Movers
 Subscribe for More Information | | | 07:05 EDT | | PACT | Pactera announces receipt of 'going private' proposal at $7.50 per ADS
Pactera Technology (PACT) announced that its board has received a non-binding proposal letter dated May 20, from an affiliate of funds managed or advised by Blackstone (BX), the Company's non-executive Chairman, Chris Chen, its CEO, Tiak Koon Loh, and its Executive Committee members, David Chen, Sidney Huang and Jun Su to acquire all of the outstanding shares of Pactera not currently owned by the Buyer Consortium in a going private transaction for $7.50 per ADS in cash, subject to certain conditions. According to the proposal letter, the Buyer Consortium intends to form an acquisition vehicle for the purpose of implementing the Transaction, and the Transaction is intended to be financed with a combination of equity capital funded by the Buyer Consortium and third-party debt. A copy of the proposal letter is attached hereto as Exhibit A. The company expects that its board of directors will form a special committee consisting of independent directors to consider this proposal. The company also expects that the Special Committee will retain a financial advisor and legal counsel to assist it in its work. The company cautions its shareholders and others considering trading in its securities that the company has just received the non-binding proposal and no decisions have been made with respect to the company's response to the proposal. | |
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