Sykes Enterprises, Inc. (SYKE) and ICT Group, Inc. (ICTG) announced that the exchange ratio to be used in connection with the merger of ICT with a wholly-owned subsidiary of SYKES will be 0.6846 and that each share of ICT common stock will be converted in the merger into the right to receive $7.69 in cash and 0.3423 of a share of SYKES common stock.
Pursuant to the terms of the merger agreement, the calculation of the exchange ratio is based on the volume weighted average sales price of SYKES' common stock for the 10 trading-day period ending on the third trading day immediately prior to the effective time of the merger, subject to a symmetrical collar of 7.5% above and 7.5% below $20.8979 per share. Therefore in the event that the closing of the merger does not take place as anticipated on February 2, 2010, the exchange ratio and merger consideration per share of ICT common stock may need to be recalculated in accordance with the terms of the merger agreement.
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