Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (28913)	1/31/2008 9:15:09 PM
From: Cogito Ergo Sum	Respond to of 218083

Oh I'm still in... was only hit to the PF today though .. Besides fire in bread and butter world was extinguished am I am hero for a day :O)

To: TobagoJack who wrote (28913)	1/31/2008 10:15:53 PM
From: oldirtybastard	Read Replies (1) \| Respond to of 218083

IPVG still determined, if they would just come to the meeting with the money in a briefcase, or maybe bring some slabs of bacon, there would be no doubt about the funding -g- philstar.com IPVG seeks meet to discuss PeopleSupport takeover offer By Zinnia B. Dela Peña Friday, February 1, 2008 IPVG Corp. is seeking a meeting with the officers and shareholders of PeopleSupport Inc. to discuss its all-cash takeover offer for the Nasdaq-listed call center firm. In a letter to PeopleSupport chairman and chief executive officer Lance Rosenzweig, IPVG said it expects to hear from PeopleSupport on Feb. 1 (US time) “in order to proceed with the proposed transaction on a friendly basis.” IPVG increased its unsolicited takeover offer for PeopleSupport to $17 a share from the $15 each share bid it made in November which was found inadequate by the Los Angeles-based firm. “We would therefore suggest a meeting between all parties concerned to take place at your convenience either in Los Angeles or in Manila. As we move forward, we would like you to consider having direct discussions with us in order to clarify the issues and concerns of all parties involved in this proposed transaction and properly address each of their requests in a satisfactory manner,” said IPVG chief executive officer Enrique Gonzalez. Gonzalez said they are drafting a more comprehensive non-disclosure agreement (NDA) to facilitate a free flow and wider exchange of information. The NDA would allow IPVG to conduct the required due diligence on PeopleSupport and allow the latter to evaluate the offer. Gonzalez said the NDA would include the following: a sufficient due diligence period which would allow IPVG to confirm its offer price, payment of an appropriate “stalking horse fee” in the event PeopleSupport decides to pursue a transaction with another party, and the removal of PeopleSupport’s poison pill. “We have already invested significant time and resources on this transaction and we believe that all of these are necessary before we can proceed with furnishing you confidential details of our funding structure, including financing sources and uses, identities of funding sources and written indications of interest. Accordingly, prior agreement on these sections will serve as a comfort to us in the event the information we provide you serves as the basis for a public auction process that may be initiated by your board or as insisted upon by you and largest shareholder,” Gonzalez said. With a total manpower of 9,000 worldwide, PeopleSupport operates more than 8,000 call center seats, with the majority located in the Philippines. It serves clients in a variety of industries, such as travel, consumer, financial services, healthcare, insurance, technology, telecommunications, entertainment and education. IPVG said its revised proposal, which represents a 34.81 percent premium to PeopleSupport’s 60-day weighted average closing price of $12.61 per share, is a “compelling opportunity for the company and its shareholders.” The takeover proposal is in line with IPVG’s goal to become one of the top BPO companies in the region by 2009. IPVG said that PeopleSupport can add significant value to its operations given its fully integrated presence in the Philippines.