ICT Group, Inc. Investor: Board of admiral Under Investigation

An analysis on account of accepted investors of ICT Group, Inc. (Public, NASDAQ:ICTG), who purchased the shares afore October 06, 2009, over abeyant breaches of fiduciary assignment and added violations of accompaniment law in affiliation with an declared arbitrary takeover were announced.

Those who you are currently investors in shares of broker in shares of ICT Group, Inc. (NASDAQ:ICTG), and purchased the shares afore October 06, 2009, and / or accept added advice apropos to the investigation, should acquaintance the Shareholders Foundation, Inc. at email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. The analysis by a law close focus on abeyant breaches of fiduciary assignment and added violations of accompaniment law by the Board of Directors of ICT Group, Inc. arising out of their attack to advertise ICT Group, Inc. (NASDAQ:ICTG) to Sykes Enterprises. On October 6, 2009 ICT Group, Inc. (Nasdaq:ICTG) and Sykes Enterprises, Incorporated (Nasdaq:SYKE) announced, that they accept entered into a absolute alliance acceding beneath which Sykes Enterprises, Inc agrees to access ICT Group, Inc. Under the proposed acceding Sykes Enterprises will pay $15.38 for anniversary allotment of ICTG accepted banal on a absolutely adulterated basis, for a absolute acquirement amount of about $263 million. Under the agreement of the agreement, anniversary issued and outstanding allotment of ICT Group will be adapted into $7.69 in banknote and SYKES banal with a amount of $7.69, accountable to a collar mechanism. If Sykes Enterprises’ aggregate abounding boilerplate banal amount for a 10 trading-day aeon catastrophe on the third trading day afore the able date of the alliance is amid $19.3306 and $22.4652, the atom of a allotment of Sykes Enterprises accepted banal to be delivered with the $7.69 in banknote for anniversary ICT Group allotment (the "exchange rate") will be adapted to bear Sykes Enterprises banal admired at $7.69 per ICTG share. If Sykes Enterprises ' boilerplate banal amount is at or aloft $22.4652, the barter amount will be 0.3423 Sykes Enterprises allotment per ICTG share. If SYKES' boilerplate banal amount is at or below $19.3306, the barter amount will be 0.3978 Sykes Enterprises allotment per ICTG share. Each outstanding ICTG belted banal assemblage will become absolutely vested at closing and the holder will accept a banknote transaction of $15.38. Each outstanding ICT Group banal advantage will become absolutely vested at closing and the holder will accept a banknote transaction based aloft the aberration amid the exercise amount for the banal advantage and $15.38. The Board of Directors of Sykes Enterprises and ICT Group accept anniversary accustomed the transaction. Chairman of the Board, President, and CEO John J. Brennan, Vice Chairman of the Board Donald Brennan, and Eileen Brennan Oakley authority about 39% of ICTG's outstanding shares and accept entered into an acceding with Sykes Enterprises and ICT Group, Inc beneath which they accept agreed to vote shares controlled by them in favor of the transaction. According to ICT Group, Inc the acquirement amount of $15.38 per allotment represents a exceptional of about 46% over the closing amount of ICTG banal on October 5, 2009.
But according to an analysis by a law close “the transaction appears to be unfair” to accepted investors of ICT Group, Inc. (NASDAQ:ICTG) because the “offer to access ICT Group, Inc. (NASDAQ:ICTG) at $15.38 per allotment appears opportunistically timed to crop advantage of the accepted bread-and-butter downturn”, accustomed that ICT banal was trading at $12.00 a allotment as afresh as August 26, 2009. The analysis “concerns whether the application to be paid to ICTG shareholders is grossly unfair, inadequate, and essentially below the fair or inherent amount of ICTG” and “whether the admiral of ICTG may accept breached their fiduciary duties by not acting in ICTG shareholders' best interests in affiliation with the auction action of ICTG”.

ICT Group, Inc., Newtown, PA, is a all-around provider of outsourced chump administration and business action outsourcing (BPO) solutions. The Company's mix of chump service, technology and back-office solutions includes chump care/retention, cross-selling/upselling, abstruse abutment and collections, database marketing, abstracts entry/management, e-mail acknowledgment management, remittance processing and added back-office business processing services. ICT Group appear in 2007 Total Revenue of $453.62million and in 2008 Total Revenue of $428.18million. Shares of ICT Group (NASDAQ: ICTG) traded at $15.35 per allotment afterwards the advertisement and at about $10.70 per allotment afore the announcement. ICTG shares were down from about $30 per allotment in 2007 and over $36 per allotment in 2006.