TTEC Special Committee Retains Legal and Financial Advisors

Rhea-AI Summary

TTEC Holdings announced that its Special Committee has retained Rothschild & Co as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor. These appointments are to evaluate the unsolicited proposal from CEO Kenneth Tuchman to acquire remaining shares at $6.85 per share, received on September 27, 2024. The Special Committee is reviewing the proposal and potential alternatives, with no decision made yet. No immediate action is required from stockholders, and there's no guarantee of a definitive agreement or transaction completion.

Positive

• Potential acquisition offer at $6.85 per share represents a corporate action that could benefit shareholders
• Appointment of reputable financial and legal advisors indicates proper due diligence in evaluating the proposal

Negative

• Uncertainty regarding the completion of the transaction could create market volatility
• Proposed share price might undervalue the company's potential

Insights

Financial Analyst

The retention of Rothschild & Co and Skadden Arps signals a serious evaluation of Kenneth Tuchman's $6.85 per share buyout proposal. The current setup suggests potential price negotiations, as special committees typically aim to secure higher valuations for minority shareholders. The proposed price represents a modest premium over recent trading levels, which could face scrutiny from the advisors.

With Tuchman already controlling a significant portion of TTEC, this move to take the company private could streamline decision-making and operational flexibility. However, the involvement of top-tier advisors indicates a complex evaluation process ahead, focusing on fairness to minority shareholders and alternative strategic options. The market should expect a thorough review process that could extend several months.

DENVER, Nov. 1, 2024 /PRNewswire/ -- TTEC Holdings, Inc. (NASDAQ: TTEC) ("TTEC" or the "Company"), a leading global CX (customer experience) technology and services innovator for AI-enabled CX solutions, announced today that the previously established Special Committee of TTEC's Board of Directors has retained Rothschild & Co as its independent financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as its independent legal advisor, to assist with its review and evaluation of the previously announced unsolicited, preliminary, non-binding proposal letter, dated September 27, 2024, from TTEC founder, Chairman and Chief Executive Officer Kenneth Tuchman, to acquire the shares of the Company's common stock not already owned by Mr. Tuchman and his controlled affiliates at a proposed purchase price of $6.85 per share and any alternatives.

The Special Committee, in consultation with its financial and legal advisors, is carefully evaluating and considering Mr. Tuchman's proposal and has not yet determined whether it is appropriate to pursue this transaction or other alternatives. No action is required by TTEC stockholders at this time.

There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the proposal or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

ABOUT TTEC

TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ: TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC's outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company's TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company's TTEC Engage business delivers AI-enhanced customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the Company's singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company's employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.

Corporate Comms
Meredith Matthews
meredith.matthews@ttec.com

Investor Relations
Paul Miller
paul.miller@ttec.com

 

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SOURCE TTEC Holdings

FAQ

What is the proposed share price in Kenneth Tuchman's offer for TTEC?

Kenneth Tuchman proposed to acquire the remaining shares of TTEC at $6.85 per share.

Who are the advisors retained by TTEC's Special Committee?

TTEC's Special Committee retained Rothschild & Co as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor.

When did TTEC receive the preliminary acquisition proposal?

TTEC received the unsolicited, preliminary, non-binding proposal from Kenneth Tuchman on September 27, 2024.

Do TTEC stockholders need to take any action regarding the acquisition proposal?

No action is required by TTEC stockholders at this time.