Premiere Global Services To Be Acquired By Siris Capital In About $1 Bln Deal

(RTTNews) - Premiere Global Services, Inc. (PGI), a provider of collaboration software and services, said that it has entered into a definitive agreement to be acquired by funds managed or advised by Siris Capital Group, LLC in a transaction valued at about $1 billion.

As per the terms of the agreement, Siris will acquire all of the outstanding common stock of PGi for $14.00 per share in cash, representing a premium of approximately 23 percent over the closing price on September 10, 2015.

The agreement was approved by PGi's Board of Directors, which recommended that PGi's shareholders approve and adopt the merger agreement with Siris.

PGi may solicit alternative acquisition proposals from third parties during a 45-day "go-shop" period, following the date of execution of the merger agreement.

The transaction is subject to customary closing conditions, including the receipt of shareholder approval, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other foreign antitrust regulatory approvals, as necessary.

The transaction is not subject to any financing condition. Upon completion of the acquisition, PGi will become wholly owned by an affiliate of Siris.

PGI closed Thursday trading at $11.35, up $0.23 or 2.07%. In after hours, the stock gained $2.46 or 21.67%.