ClientLogic and SITEL to merge.Global teleservices/BPO providers ClientLogic and SITEL have announced that they have entered into a definitive merger agreement. Under the terms of the agreement, a newly formed subsidiary of ClientLogic will merge with SITEL and pay $4.05 per share in cash for all of the outstanding common stock of SITEL. The Board of Directors of each company has unanimously approved the transaction. The transaction is expected to be completed in the first quarter of 2007 and is subject to customary closing conditions, including approval of SITEL's shareholders and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. clearances. SITEL's Board of Directors has recommended to SITEL's shareholders that they vote in favor of upon the side of; favorable to; for the advantage of. See also: favor the transaction. Approximately 19.9 percent of the outstanding common stock of SITEL is subject to voting agreements which require such shares to be voted in favor of the merger. SITEL has agreed to pay a termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. to ClientLogic should the transaction not close due to certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . ClientLogic will fund the transaction with the proceeds of a committed loan facility. The transaction values SITEL at approximately $450 million. The combined entity will continue to be named ClientLogic Corporation, and will have approximately 65,000 employees across 28 countries. Dave Garner will be Chief Executive Officer of the combined entity. www.clientlogic.com By Tracey Tracey is a new MMORPG by popular game company Upston. Tracey revolves around a character creating a large building in a 3-d environment. The game has just been released into closed beta and will be in closed beta for an undetermined amount of time. E. Schelmetic, Editorial Director, Customer Inter@ction Solutions |
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