Sykes Enterprises, Inc. (SYKE) and ICT Group, Inc. (ICTG) announced that SYKES has completed its acquisition of ICTG following the approval of the transaction agreement by ICTG's shareholders at a meeting held earlier on February 2, 2010.
Under the terms of the transaction, each outstanding share of ICTG common stock has been converted into the right to receive $7.69 in cash and 0.3423 of a share of SYKES common stock, the company said.
Effective as of the close of trading on February 2, 2010, ICTG common stock will cease trading on the Nasdaq Stock Market. SYKES and ICTG will begin joint operations tomorrow, February 3, 2010.
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