Independent firms advocate for $2B Virtusa merger
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Virtusa's Southborough headquarters
Information technology company Virtusa, based in Southborough, received a boost to its plans for a $2-billion acquisition by financial services firm Baring Private Equity Asia with a independent advisory firms recommending stockholders vote for the transaction.
Virtusa announced on Wednesday that Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., LLC (Glass Lewis), have each recommended shareholders vote for the deal. The all-cash deal would see Baring Private Equity Asia acquire all outstanding shares of stock at $51.35 per share.
When the acquisition was announced in September, the price represented a premium of approximately 27% to the closing price of Virtusa common stock on the last trading day prior to the transaction announcement. As of Thursday afternoon, the company’s stock was trading on the Nasdaq at just over $50 a share.
WBJ Web Partners
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