BPO service provider PeopleSupport, Inc. has declined an “unwelcome” sort of bid made by IPVG Corp and AO Capital Partners. The actual reason is not know, officially it has been informed from the company media center that after "careful consideration" (now that speaks volume in itself, isn’t it) in consultation with its financial and legal advisors PeopleSupport's board of directors unanimously decided that the unsolicited $15 per share cash proposal to acquire the company was "inadequate and fails to take into account PeopleSupport's strategic value and success in implementing its growth strategy," the company said on its website reports Inquirer.net.
While speaking to media PeopleSupport CEO and chairman Lance Rosenzweig said
PeopleSupport recently concluded its strategic planning session, and management and the Board are confident about the company's prospects, which we believe will continue to fuel strong growth. Taking into account the recent initiatives under way at the company, and after a careful and thorough review of the proposal, the Board concluded that the proposal is not in the best interests of PeopleSupport or its shareholders.
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