Ayala, Providence Equity to vote AIG shares in offer for eTelecare

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Ayala Corp. and Providence Equity Partners entered into separate support agreements with BidCo to tender, and not withdraw, their American International Group, Inc. shares into Ayala's and Providence's previously announced offer for eTelecare Global Solutions, Inc., it was reported in a schedule 13D filed with the Securities and Exchange Commission.

AIG has an 8.4% stake in eTelecare, the filing said.

As part of their agreements, Ayala and Providence agreed to vote the AIG shares in favor of the acquisition and in favor of any individuals nominated by BidCo to be directors.

Ayala and Providence announced their $9 per share tender offer for all of the outstanding common shares and outstanding American Depositary Shares of eTelecare on Sept. 19.

The offer, valued at approximately $290 million, will be held in both the Philippines and the United States, an eTelecare news release said.

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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