APAC Customer Services shareholder opposed to offer by company founder

By Lisa Kerner

Charlotte, N.C., Feb. 12 - APAC Customer Services, Inc. shareholder Sidus Investment Management LLC believes the recent $1.61-per-share offer for APAC by Tresar Holdings LLC is inadequate.

Tresar is an acquisition vehicle formed by APAC founder and chairman Theodore G. Schwartz.

Sidus, in a letter to Schwartz, cited purchases of APAC shares by company directors John L. Workman, Bhaskar Menon, John C. Kraft and John J. Park in the last 90 days at an average price of $1.60 per share.

"We are concerned that Tresar's reluctance to consider other third party offers is not in the best interests of the unaffiliated shareholders. We urge the members of the special committee to recognize these issues and consider the best interests of the minority shareholders when evaluating strategic alternatives," Sidus said in the letter.

Sidus has a 3.77% ownership interest in APAC.

Tresar said previously that its proposed transaction with APAC would be conditioned upon the receipt of debt financing.

Schwartz and related holders own 49% of APAC, a Deerfield, Ill., customer care services company.

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