Dutch provider ICT Group confirmed its has received an all-cash offer from a consortium led by NPM Capital. The consortium said it was committed to supporting and accelerating ICT Group's strategy of driving organic growth and growth through acquisitions, and that it intends to make USD 200 million worth of equity financing available to actively support add-on acquisitions. ICT Group said its executive and supervisory boards both support the transaction and that they are recommending shareholders accept the offer during the upcoming extraordinary general meeting of shareholders, to be held on 9 July.
The bid is of EUR 14.50 per share, adjusted to EUR 14.10 in cash with the dividend of EUR 0.40 per share. The money represents a premium of almost 32 percent to the ICT Group’s closing share prices on 4 March and of almost 53 percent to the six-month average daily volume weighted share price.
Shareholders Teslin and Mavawe, with 19.3 percent and 6.4 percent of the company’s shares respectively, have said they will tender their shares. At completion, NPM Capital will own 83 percent of the consortium’s with Teslin Acquisition holding 17 percent.
