By Dhirendra Tripathi
Investing.com – Sykes Enterprises (NASDAQ:SYKE) stock was up by almost a third in Friday’s premarket trading as the company accepted a $2.2 billion merger proposal from Sitel Group.
The combination aims to be a more competitive player in business process outsourcing, with a wider range of customer experience products and solutions.
Sitel, through a wholly-owned subsidiary, will acquire all of Sykes’ outstanding shares of common stock at $54 per share, a premium of 31.2% over their closing price on Thursday.
The proposed transaction is not subject to a financing condition and is expected to be completed in the second half of 2021.
Upon the closing of the transaction, Sykes will become a privately-held company.