Ness Technologies to be acquired by affiliate of CVCI

It said the affiliate of CVCI will acquire it in a deal valued at around USD 307 million.
Under the terms of the agreement, Ness stockholders will receive USD 7.75 per share in cash for each share of common stock they hold.

This represents a premium of 17.6 per cent over the closing price of the company’s shares on the Nasdaq Global Select Market on Jun 9, 2011, the last trading day prior to today’s announcement, a company statement said.

Alternatively, it could also mean a premium of 22.2 per cent over the average closing price of the company’s shares over the 30 trading days prior to Jun 10, 2011, the company said.

“We believe this transaction provides attractive value for our stockholders and represents an exciting opportunity for our over-500 customers and our 6,900 employees to continue our growth and development in partnership with CVCI,” said Sachi Gerlitz, president and CEO, Ness Technologies.

“We look forward to completing the transaction and continuing to provide superior solutions and services to our strong customer base, as we build upon our leadership position in our markets and continue to implement our strategic plan", he said.