Why Sykes Stock Skyrocketed on Friday
Shares of Sykes Enterprises (NASDAQ: SYKE) have skyrocketed today, up by 30% as of 11:30 a.m. EDT, after the company said it was being bought out by Sitel Group. The two companies offer complementary services in customer experience management.
Sitel has agreed to buy all outstanding Sykes shares in an all-cash deal that values the latter company at $54 per share, representing a valuation of approximately $2.2 billion on a fully diluted basis. That price translates into a premium of 31% over yesterday's closing price. Sitel says that the combined company will be better positioned for growth as one of the top companies in business process outsourcing (BPO), offering a comprehensive suite of products and services to enterprise customers.
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Source Fool.com
