Ness Technologies Ltd. (Nasdaq: NSTC; TASE: NSTC) shareholders yesterday approved the acquisition of the IT services company by private equity fund Citi Venture Capital International (CVCI) in a cash deal.
75% of Ness's shareholders voted in favor of the deal
Ness shareholders will receive $7.75 per share in cash per share, reflecting a company value of $308 million. Ness will become a wholly-owned subsidiary of CVCI and will be delisted from Nasdaq and the Tel Aviv Stock Exchange (TASE). The merger is due to be completed by the end of September.
Ness and CVCI signed the takeover deal in June.
Ness's share price fell 0.1% on Nasdaq yesterday to $7.66, giving a market cap of $293 million, and fell 0.9% by early afternoon on the TASE today to NIS 27.08.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011