Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Pactera (UNKNOWN: PACT.DL ) have skyrocketed today by as high as 34% after receiving a buyout offer to go private.
So what: Company insiders and Blackstone (NYSE: BX ) have submitted a non-binding proposal offer to purchase all outstanding shares in a $680 million deal that would take the company private at $7.50 per share. The deal would be financed with equity capital as well as third-party debt.
Now what: The board is forming a special committee of independent directors to review the proposal with the assistance of a financial advisor and legal counsel. Pactera warns that nothing is finalized and says shareholders should be cautious of trading based on the proposal, although that hasn't stopped shares from soaring today. The insiders involved in the proposal include non-executive Chairman Chris Chen, CEO Tiak Koon Loh, and executive committee members David Chen, Sidney Huang, and Jun Su.
Interested in more info on Pactera? Add it to your watchlist by clicking here.
It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.