Business-process outsourcing firm ICT Group (ICTG) on Tuesday rejected a $128 million buyout offer from Aegis Ltd, a unit of India's Essar Group, saying it would not be in the best interest of the company to pursue the deal.
On Monday, Aegis offered to buy all the outstanding shares of ICT common stock for $8 per share in cash. The offer represented a premium of 122% to ICT's closing price of $3.60 on Friday.
Aegis was seeking the support and approval of the ICT board to effect the transaction on a friendly basis through a merger between ICT and a subsidiary or special purpose vehicle or parent of Aegis.
ICT Group shares are currently trading at $4.67, down $1.24 or 20.98%.
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