ICT Group rejects Aegis acquisition bid

Nasdaq listed ICT Group, rejected the takeover bid made by Aegis -- the business process outsourcing (BPO) arm of Essar group -- worth $130 million.

On March 02, 2008 Aegis had announced its intention to acquire ICT Group, and had written to the company’s board, seeking its approval for the acquisition of all the outstanding shares of the company for $8 per share in an all-cash transaction.

The offer represented a premium of about 71 per cent over the thirty-day average closing price of ICT shares and nearly 122 per cent premium above the closing price as of February 27 of ICT shares.

However, on March 03, 2009 ICT Group in a statement said: “ICT Group determined that it would not be in the best interest of the company to pursue the transaction proposed by Aegis.”

In its earlier statement, Aegis had said that the combined business will offer a wider set of services and solutions to both companies’ clients, enabling them to broaden and deepen relationships with customers.

ICT's share price was down 24.87 per cent at $4.44.