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Investing.com -- Shares of TTEC Holdings Inc (NASDAQ:TTEC) surged 22.6% following the completion of a preliminary review by the Special Committee of the Board of Directors regarding an unsolicited buyout proposal from the company’s founder, Chairman, and CEO, Kenneth Tuchman. The proposal, which was initially presented on September 27, 2024, suggests the acquisition of common stock shares not already owned by Tuchman and his affiliates at $6.85 per share.
The Special Committee, aided by its independent financial advisor Rothschild & Co and independent legal advisor Skadden, Arps, Slate, Meagher and Flom LLP, has finished its preliminary valuation analysis of the company. This milestone indicates their readiness to engage with Mr. Tuchman on a definitive transaction proposal. However, the company has advised that there is no certainty a definitive agreement will be reached or that a transaction will be consummated.
While the market’s response to the potential buyout has been positive, sending TTEC’s stock price upward, investors are cautioned that the future of the proposal remains uncertain. The Special Committee has not committed to providing updates about the proposal or any transaction unless legally required.
The news of the buyout proposal’s review completion has evidently resonated with investors, as the significant jump in TTEC’s stock price reflects optimism about the potential acquisition. However, it’s important to note that the buyout process is complex and may not ultimately lead to a finalized deal. Investors are likely watching closely for any further developments that could influence the stock’s trajectory.
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