This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stefanini IT Solutions Commences Tender Offer For All Outstanding Shares Of TechTeam Global

SAO PAULO, Nov. 12, 2010 /PRNewswire/ -- Stefanini IT Solutions today announced the commencement of its tender offer for all outstanding shares of common stock of TechTeam Global, Inc. (Nasdaq: TEAM) for $8.35 per share, net to the seller in cash, without interest and less any required tax withholdings. The tender offer is being made by Platinum Merger Sub, Inc., a wholly-owned subsidiary of Stefanini International Holdings Inc. ("Stefanini"), in connection with the Agreement and Plan of Merger among Stefanini, Platinum Merger Sub, Inc. and TechTeam Global, Inc., announced on November 2, 2010, and pursuant to an Offer to Purchase dated November 12, 2010.

The tender offer is scheduled to expire at 12:00 midnight, New York City Time, on December 10, 2010, unless extended. Pursuant to the terms and subject to the conditions of the merger agreement, following the completion of the tender offer, Platinum Merger Sub, Inc. will merge with and into TechTeam Global, with TechTeam Global surviving the merger as a wholly owned subsidiary of Stefanini. In this merger, any remaining TechTeam Global stockholders (other than Stefanini, Platinum Merger Sub, Inc., and any wholly-owned subsidiary of Stefanini and stockholders who properly exercise appraisal rights under the General Corporation Law of the State of Delaware) will receive the same $8.35 cash consideration per share, without interest and less any required withholding tax, as paid in the tender offer. The tender offer is subject to the conditions described in the Offer to Purchase, including the acquisition by Platinum Merger Sub, Inc. of a majority of TechTeam Global's outstanding stock on a fully diluted basis, regulatory approval and other customary closing conditions. The TechTeam Global board of directors has unanimously determined that the tender offer and the merger are advisable, fair to, and in the best interests of, TechTeam Global and its stockholders, and has approved and adopted the merger agreement.

In addition, the TechTeam Global board of directors has unanimously resolved to recommend that TechTeam Global's stockholders accept the tender offer and tender their shares to Platinum Merger Sub, Inc. pursuant to the tender offer and, if required to consummate the merger under Delaware law, adopt the merger agreement.

Stefanini today filed with the Securities and Exchange Commission ("SEC") a Tender Offer Statement on Schedule TO, including the Offer to Purchase, setting forth in detail the terms and conditions of the tender offer. TechTeam Global today filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 setting forth in detail, among other things, the recommendation of TechTeam Global's board of directors that TechTeam Global stockholders accept the tender offer and tender their shares pursuant to the tender offer.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs