Reuters: Global Markets: Blackstone-led buyout group makes lower bid for Pactera

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Blackstone-led buyout group makes lower bid for Pactera Sep 13th 2013, 13:35 Fri Sep 13, 2013 9:35am EDT (Reuters) - China's largest technology outsourcing company, Pactera Technology International Ltd, said Blackstone Group LP and the company's management reduced their offer to take the company private, citing its weakening financial performance. The offer of $7 per American depositary share (ADS), worth about $600 million, was reduced from $7.50 proposed in May. Pactera shares were down 5 percent at $6.43 in early trading on Friday on the Nasdaq. The previous proposal represented a 39 percent premium to Pactera's stock price at the time, while the latest offer represents a 33 percent premium. In a letter to the board, Blackstone said Pactera had cut its forecast twice since the private equity firm made its non-binding offer on May 20. Pactera reported second-quarter results below analysts' estimates in August due to lower revenue from a major telecom customer. The company said it was evaluating the offer. Increased scrutiny of U.S.-listed Chinese companies over their accounting standards has pulled down their stocks, giving managements an incentive to tie up with private equity firms to take their companies private. Beijing-based Pactera, formed last year through a merger of HiSoft Technology International Ltd and VanceInfo Technologies Inc, offers technology outsourcing and consulting services to companies across the world. (Reporting by Chandni Doulatramani in Bangalore; Editing by Kirti Pandey) Link this Share this Digg this Email Reprints

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