Tender offer for eTelecare Global Solutions ends

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Ayala Corp. and Providence Equity Partners accepted for purchase approximately 18,898,255 common shares of eTelecare Global Solutions, Inc. and about 10,387,391 eTelecare American Depositary Shares validly tendered in their offer that ended Thursday.

The common shares and ADSs together represent about 98.7% of eTelecare's outstanding common shares, including common shares underlying the ADSs, a Providence Equity news release said.

EGS Acquisition Co LLC, jointly owned by affiliates of Ayala and Providence Equity, began its $290 million tender offer in November.

The offer was held in both the Philippines and the United States, and the offer price is $9 in cash per share, it was previously reported.

Ayala, a holding company for a Philippine diversified business group, is a long-term eTelecare shareholder. Providence is a private equity firm.

eTelecare provides business process outsourcing services. The company is based in Quezon City, the Philippines.

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