July 18, 2008
Knobias Clip Report (07-16-2008) CVG/INTV
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Submitted By Knobias ClipReport
CVG/INTV: Convergys to Acquire Intervoice for $8.25/Share
Convergys Corporation (CVG) and Intervoice, Inc. (INTV) announced that both companies have approved a definitive merger agreement under which Convergys will acquire Intervoice for $335M in cash or $8.25 per share. The consideration represents a premium of 24% to Intervoice’s closing stock price on July 15, 2008. Convergys expects the acquisition to be accretive beginning in 2009 on a non-GAAP basis, excluding amortization and one time costs. Under the agreement, Convergys will commence a tender offer for all outstanding shares of Intervoice common stock for $8.25 per share no later than August 1, 2008. Following completion of the tender offer, the parties will effect a second-step merger in which remaining Intervoice shareholders will receive the same price per share.
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