Xchanging to acquire Cambridge Solutions - Promoter-shareholders divided over the deal

By Harsha Pramod @ Tuesday, July 01, 2008 10:36 AM

Section - Outsourcing/BPO

Xchanging, a London-based international pure-play BPO is gearing up to acquire Cambridge Solutions in a deal worth $250 million, reported the Economic Times.

The promoter-shareholders of Cambridge Solutions are divided over the price offered. Xchanging has offered Rs 82 ($1.90) per share to the Cambridge promoters, valuing the company at Rs 9.13 billion($230-250 million).

The company’s promoters include the Chanderia family, former Pepsico chairman Chris Sinclair and Cambridge vice-chairman Satyan Patel, who jointly hold 30 per cent stakes in the company. They favour the offer, while Ramesh Vangal, the company’s chief individual shareholder, and ex-McKinsey CEO Rajat Gupta are unhappy with the value of the proposed deal. A final decision has yet to be taken. X