Outsourcing firm WNS (Holdings) Ltd has said that it will not pursue any further talks regarding the sale of majoity stake in the firm. Private equity major Warburg Pincus, which holds over 50% stake in the NYSE-listed firm, had put its stake on the block and was in discussion with other PE players and outsourcing firms.
“The Board of the company has completed its consideration of the expressions of interest received from interested parties regarding a possible change of control transaction, and has decided not to pursue further discussion,” WNS said in statement.
The Economic Times reported today that India’s largest outsourcing player Genpact, which is also listed on NYSE, has made a bid at $16 per share for WNS in an all stock deal. Private equity major Blackstone, which owns Mumbai-based outsourcing firm Intelenet, has also reportedly made a bid at $16-17 per share.
These might not have found favour with the board of Warburg Pincus, which was looking at an all cash deal of at least $18 per share. The shares of WNS closed at $15.03, down by more than a 1%. The PE firm invested in WNS back in 2002.
Recently, WNS CEO and founder Neeraj Bhargava has also decided to leave the firm. With the change in management control on hold, Warburg would now also look for a new CEO.