MAY 21, 2013,Â 7:07 AM
Blackstone Leads Latest Chinese Privatization Bid
ByÂ NEIL GOUGH
A fund run by the Blackstone Group is leading a $662.3 million bid for a technology outsourcing firm based in China, the latest example of a modest boom among buyout shops backing the privatization of Chinese companies listed in the United States.
A consortium backed by a private equity fund of Blackstone that includes the Chinese companyâ€™s management said on Monday that it would offer $7.50 a share to acquire Pactera Technology International, which is based in Beijing and listed on Nasdaq.
The offer, described as preliminary, represents a hefty 43 percent premium to Pacteraâ€™s most recent share price before the deal was announced. The news sent the companyâ€™s stock up 30.6 percent on Monday, to $6.87 â€” still more than 8 percent below the offer price, in a sign that some investors remain wary that a deal will be completed.