Mergers, Acquisitions, Private Equity, Venture Capital, Investment Banking
Helios & Matheson Acquires TACT For $8.7 MillionWed, 04/12/2006 - 07:09 — Sahad P VChennai-based IT services company Helios & Matheson has acquired 43 per cent stake equity in The A Consulting Team, Inc. (TACT), a Nasdaq-listed IT and BPO company, for $8.7 million or $8.54 per share plus an earn-out. TACT is prmoted by its founder and CEO, Shmuel BenTov, who will remain as TACT's president and CEO pursuant to his employment agreement dated as of December 1, 2005. [Via Release] |
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November 01, 2006
message posted by a reserch analyst in USA
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The NY Post discusses A Consulting Team (TACX), which is set to held AGM on Aug. 22. Article concentrates on $8.54 per share buyout offer by Helios & Matheson. H&M offered in March to buy CEO's 43% stake for $8.54 a share. With the shares then selling for a mere $4.60 on the open mkt, the offer amounted to a stupefying 86% "control premium" over the price available to investors. Article suggests that it would be nice to hear CEO Shmuel BenTov explain at the shareholder meeting just how thoroughly he checked out the claims and credentials of H&M, a co with red flags sticking out of it in all directions, from bank balances that the accounting firm PricewaterhouseCoopers was unable to reconcile in a recent due diligence audit to the sudden departure of the CEO earlier this year, to the co's close involvement with shady Indian stock promoters, who own 15% of its shares.