TTEC Special Committee Completes Buyout Proposal Review; Stock Jumps 40%

Teletech Holdings

4.64 EUR -0.85%

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(RTTNews) - A Special Committee of the Board of Directors of TTEC Holdings, Inc. (TTEC) said it has completed a review and evaluation of the previously announced unsolicited buyout proposal from the company's founder, Chairman and Chief Executive Officer Kenneth Tuchman. The committee said it "remains ready to consider and engage with Mr. Tuchman with respect to a definitive transaction proposal."

Tuchman, on September 27, 2024, proposed to take the company private at a proposed purchase price of $6.85 per share. Tuchman beneficially owns approximately 58% of the company's common stock.

The Special Committee, with the assistance of Rothschild & Co, its independent financial advisor, and Skadden, Arps, Slate, Meagher and Flom LLP, its independent legal advisor, said it has completed its review of the Non-Binding Proposal and its preliminary valuation analysis of the company, and remains ready to consider and engage with Mr. Tuchman with respect to a definitive transaction proposal.

The company said that at this time, no action is required by TTEC's non-affiliated stockholders. There can also be no assurance that any definitive agreement will be executed relating to any transaction proposal, the timing and conditionality thereof or that any transaction will be consummated.

TTEC is currently trading at $4.8217, up $1.5517 or 47.26%, on the Nasdaq.