APAC Customer Services (Nasdaq: APAC) shares rose 55.1% to $8.44 Thursday, after APAC agreed to be acquired by OneEquity Partners for $8.55 cash a share. Volume for the stock was 22.4 million shares, towering over a daily average of 150,000.
In a Thursday statement, OneEquity, an investment arm of J.P. Morgan Chase & Co., and APAC, valued the deal overall at $470 million. The deal price is a 57% premium to APAC’s closing price Wednesday of $5.44 a share.
Theodore G. Schwartz and his affiliated entities, representing approximately 39% of APAC’s outstanding shares, have entered into a voting agreement to vote in favor of the transaction.
The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance and approval of APAC’s shareholders.
In the July 7 news release announcing the deal, Kevin Keleghan, APAC’s President and CEO, commented, “We are thrilled to be entering into a new chapter in APAC’s history. My management team and I look forward to working with One Equity Partners to build a world-class enterprise dedicated to enhancing the customer experience.
Keleghan concluded, “We believe that a partnership with NCO will create new opportunities for our company, our clients, and our people.”
APAC Customer Services, Inc., based in Bannockburn, Ill., is a leading provider of quality customer care services and solutions to market leaders in healthcare, business services, communications, media & publishing, travel & entertainment, financial services and technology industries.