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| WNS says no to bidders; not to pursue further discussions |
| Press Trust of India / New Delhi Sep 18, 2009, 16:41 IST |
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New York-listed BPO firm WNS today said it is not up for sale and has decided not to pursue further with those who had submitted expressions of interest to acquire controlling stake in the company.
WNS did not give any reason for not pursuing further discussions.The board of directors of the company has completed its consideration of the expressions of interest received from interested parties regarding a possible change of control transaction, and has decided not to pursue further discussion, a company statement said.
The BPO firm also did not divulge details of the bidders and the price at which they valued the company.
Last month, WNS had confirmed receiving expressions of interest from various parties regarding possible change of control transactions.
There were reports that private equity firm Warburg Pincus, which has 50.12 per cent stake in the company, was looking at selling its stake.
Country's leading BPO firm Genpact was also believed to be in fray for the controlling stake in WNS. The Board also noted that management is focussed on performance which continues to be in line with the guidance reiterated in the last earnings call.
In August, the firm had forecast adjusted profit of fiscal 2010 in the range of $50 million to $52 million. For the first quarter eneded June 30, 2009 the company reported revenue of $136.7 million, up 11.2 per cent from the corresponding quarter last year.
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