TTEC Receives Unsolicited Offer From CEO Kenneth Tuchman To Be Taken Private At $6.85/Shr
(RTTNews) - TTEC Holdings, Inc. (TTEC) announced Monday that its Board of Directors has received an unsolicited, preliminary, non-binding proposal letter from TTEC founder, Chairman and Chief Executive Officer Kenneth Tuchman, to take the Company private at a proposed purchase price of $6.85 per share. Tuchman beneficially owns approximately 58% of the Company's common stock.
The proposed purchase price represents a 69% premium to the most recent closing price.
The Company's Board of Directors has established a Special Committee consisting of independent directors. The Special Committee with its own advisors will evaluate the proposal and determine the appropriate course of action and process.
The proposal is conditioned on, among other things, the receipt of financing for the transaction, the negotiation and execution of a definitive agreement, as well as approval and recommendation of the proposal by the Special Committee and approval by holders of a majority of the shares of the Company's common stock not owned by Tuchman, his affiliates and company executive management.
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