Shares of Pactera Technology International Ltd. (PACT), the Chinese consulting and technology services provider, surged 31 percent on Monday after receiving a non-binding acquisition offer from parties led by an affiliate of funds managed or advised by Blackstone Group L.P. (BX).
As per the proposal, the affiliate of Blackstone along with Pactera's non-executive Chairman Chris Chen, its Chief Executive Officer Tiak Koon Loh, and Executive Committee members, David Chen, Sidney Huang and Jun Su (collectively, the "Buyer Consortium") have offered to buy all of the outstanding shares of Pactera not owned by the Buyer Consortium for $7.50 per American Depositary Share.
The Buyer Consortium plans to form an acquisition vehicle for the purpose of implementing the deal, which is to be financed with a combination of equity capital funded by the Buyer Consortium and third-party debt.
Pactera expects its board will form a special committee of independent directors to weigh the offer, and will retain a financial advisor and legal counsel for the purpose.
The company has made no decision with respect to the proposal, thus far.
Citigroup Global Markets Inc. is acting as financial advisor to the Consortium. Ropes & Gray LLP is acting as U.S. counsel to the Buyer Consortium.
Pactera, formed by a merger of equals between HiSoft Technology International Limited and VanceInfo Technologies Inc., provides business/IT consulting and outsourcing services to multinational firms through its operations in China, the U.S., Europe, Australia, Japan, Singapore and Malaysia.
Pactera stock is trading at $6.92, up $1.66 or 31.56%, on a volume of over 2 million shares.
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