Genesys acquired by West; subsequent offer for remaining shares to end June 6

By Angela McDaniels

Tacoma, Wash., May 22 - West Corp. has completed its acquisition of Genesys SA, according to a West news release.

The company said it received tenders for 64,224,366 Genesys shares, including shares represented by American Depositary Shares. The figure represents 91.9% of Genesys' share capital and voting rights.

Plans for the €2.50-per-share tender offer were announced on Feb. 19. At the time, West said it planned to combine Genesys with its subsidiary, InterCall Inc., following the transaction's close.

In order to acquire the remaining Genesys shares:

• Subsidiary West International Holdings Ltd. has begun a subsequent offering period that will expire at 5 p.m. ET on June 6. Holders will receive the same €2.50-per-share price offered in the original tender offer;

• West International will purchase Genesys shares in open-market transactions, also at a price of €2.50 per share, through the subsequent offering period. According to the release, West International has already purchased 884,502 shares on the open market; and

• Assuming West International acquires at least 95% of Genesys' shares during the subsequent offering period, it will request that French Autorité des marchés financiers implement a mandatory acquisition of the remaining shares.

To finance the $345 million of acquisition costs for this transaction, West said it expects to use $80 million of cash and to borrow roughly $265 million.

West and Genesys are outsourced communications services providers based in Omaha, Neb., and Montpellier, France, respectively.

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