Convergys To Be Acquired By SYNNEX In $2.8 Bln Deal

(RTTNews) - Convergys Corp. (CVG) said that it agreed to be acquired by SYNNEX Corp. (SNX) in a cash and stock transaction with an enterprise value of about $2.8 billion, including approximately $170 million of Convergys outstanding net debt.

As per the terms of the agreement, Convergys shareholders will receive $13.25 per share in cash and 0.1193 shares of SYNNEX common stock for each Convergys common share they own, subject to a collar as described in the agreement. The implied price of $26.50 per Convergys share represents an 18% premium to the Company's unaffected closing stock price on May 10, 2018, the last trading day prior to published market speculation regarding a potential transaction involving Convergys.

The transaction has been approved by both companies' boards of directors and is expected to close by the end of the 2018 calendar year, subject to the approval of shareholders of both companies, the receipt of regulatory approvals and other customary closing conditions.