Telecom
Rival Seeks Big PeopleSupport Stake
Scott Moritz
11/30/07 - 04:54 PM EST
Updated from 11:10 a.m. EST
IPVG says it has made a $15-a-share offer for a majority stake in rival PeopleSupport (PSPT).
IPVG, a Makati City, Philippines-based call center operator, has enlisted AO Capital Partners as its financial partner and adviser in a bid for rival PeopleSupport, the company said in an announcement on its Web site.
"This bid is part of our plan to be one of the top five business process outsourcers in the Philippines," IPVG CEO Enrique Gonzales said in an interview with TheStreet.com Friday.
Gonzales said that IPVG is seeking a majority stake in PeopleSupport, but would prefer a complete buyout.
Late Friday, PeopleSupport confirmed the offer and said its board would evaluate the proposal.
PeopleSupport is based in Los Angeles, but it has most of its call center operations in the Philippines.
A $15 bid would represent an 18% premium over the stock's closing price Thursday. PeopleSupport shares recently were adding 99 cents, or 8%, to $13.71.
Gonzales said he has given the company a week to respond to the offer.