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APAC shareholder weighs in on founder's offer, believes company should be left alone
By Lisa Kerner
Charlotte, N.C., Feb. 23 - APAC Customer Services, Inc. shareholder Ronald L. Chez is not in favor of Tresar Holdings LLC's recent $1.61-per-share offer for APAC.
Tresar is an acquisition vehicle formed by APAC founder and chairman Theodore G. Schwartz.
Chez cited APAC's fourth-quarter results, which "significantly exceeded expectations," in a Feb. 23 letter to APAC's board of directors by his lawyer.
"First Analysis, the only sell side broker which follows APAC, raised its price target to $3.00 per share, and it would have been difficult for the analyst to be much more enthusiastic about the performance and prospects for APAC," the letter said.
Chez, with an approximately 8% interest in APAC, believes the company should not be spending shareholders' money on lawyers and investment bankers with respect to Schwartz's offer.
APAC, according to Chez, should be left alone "so that it may achieve (without interference or distraction) the kind of results that have been far too long in coming."
Sidus Investment Management LLC, with a 3.77% stake in APAC, believes Tresar's offer is inadequate, it was previously reported.
"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 its letter to Schwartz.
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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