TTEC’s CEO makes Offer to Take Company Private
DENVER, Colo., Sep 30, 2024 (247marketnews.com)- TTEC’s (NASDAQ: TTEC) Board of Directors received an unsolicited, preliminary, non-binding proposal letter from Kenneth Tuchman, TTEC’s founder, Chairman and CEO, who is the beneficial owner of approximately 58% of TTEC’s common stock, to take the Company private for $6.85 per share to the Company’s other shareholders.
TTEC’s Board of Directors established a Special Committee consisting of independent directors who will evaluate the proposal and determine the appropriate course of action and process.
Tuchman’s letter stated, “The proposed purchase price represents a premium of 55% to the volume-weighted average price of the Common Stock for the 30 trading days ending on September 27, 2024 and a 69% premium to the most recent closing price.
“Exploring a take-private transaction is an important step at this juncture for TTEC. Such a transaction should provide benefits for all stakeholders – it would allow public shareholders to obtain liquidity, derisking their investment at a significant premium to the Company’s current share price and at an implied transaction multiple above that of the Company’s peers. At the same time, the Proposal will provide TTEC and its employees with the freedom to operate and make the strategic investments necessary to ensure long-term success, without the short-term focus of quarterly reporting and the other limitations attendant to being a public company.”
About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.
24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.
CONTACT:
24/7 Market News
Editor@247marketnews.com