![]() It provides IT and healthcare staffing and has annual revenue of more than $1.5 billion and more than 27,000 employees worldwide. Volt would become a privately held company and its common stock will no longer be listed on any public market.ĪCS was founded in 1998 and is headquartered in Atlanta. The go-shop period will extend for 30 calendar days until April 11, and Volt will have the right to terminate the merger agreement with ACS and enter into a better deal.ĪCS’ acquisition of Volt is expected to close in the second quarter. The deal also includes a “go-shop” period during which Volt will actively look into alternative proposals submitted for other parties. The acquisition is subject to customary closing conditions, including that at least two-thirds of Volt’s outstanding common stock be tendered in the tender offer. The deal will enable Volt to accelerate investments in technology, enhance its capabilities and expand its operations. “This acquisition offers Volt a compelling opportunity for continued growth,” Volt President and CEO Linda Perneau said. Volt stockholders, directors and executives holding approximately 26% of the company’s outstanding shares have already agreed to sell their stock in the tender offer. “This transaction will diversify our business mix by adding a sizable commercial staffing and MSP business to our staffing services portfolio, further expanding our suite of services and offerings,” said Raj Sardana, CEO Of ACS Solutions. Volt’s board has already approved the deal and recommends that Volt shareholders tender their shares in a tender offer scheduled to start no later than March 25. Plans call for ACS to acquire Volt for $6 per share in cash. (NYSEAMERICAN: VOLT), which ranks as the 26 th-largest US staffing firm, struck a deal to be acquired by Vega Consulting Inc., a division of ACS Solutions, which ranks as the 19 th-largest US staffing firm.
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