Blackstone group offers to take Pactera private

AP - Private equity firm Blackstone Group LP, along with Pactera's chief executive officer and other managers, have offered to take Pactera private in a deal that values the Chinese technology consulting and outsourcing firm at US$680.4 million (S$856 million).

Shares rose 31 per cent on Monday. Through Friday's close, before news of the offer, Pactera's stock had lost about two-thirds of its value over the past year.

Blackstone and the group of Pactera leaders are offering US$7.50 for each US-traded share of the company that they don't already hold. That's 43 per cent higher than Friday's close of US$5.26 on the Nasdaq stock market and puts the value of the company at US$680.4 million, based on Pactera's the estimated 90.7 million shares outstanding.

The group of potential buyers working with Blackstone includes Pactera's non-executive chairman, Chris Chen, its CEO, Tiak Koon Loh, and three of its executive committee members.