Key Summary: On August 10, 2023, MCI Capital, LC and Iowa City Capital Partners, LC raised concerns to the Board about CSP Management Limited's $3.80 per share acquisition offer, urging an independent fairness opinion. On December 14, 2023, they filed a court complaint seeking access to company records to investigate potential misconduct by directors and officers.Market Cap: $175 million | StarTek, Inc., a business process outsourcing company, provides customer experience, digital transformation, and technology services in various markets.
On August 10, 2023, MCI Capital, LC and Iowa City Capital Partners, LC (7.5%) sent a letter to the Board expressing concerns about an offer from CSP Management Limited to acquire the company at $3.80 per share. They believe this price undervalues the company, citing CSP's prior attempts at higher prices. They suggest an independent fairness opinion and call for measures to protect minority stockholders' interests. While supportive of the take-private concept, they find the current price and process unreasonable.
On December 14, 2023, MCI Capital, LC and Iowa City Capital Partners, LC filed a Verified Complaint in Delaware's Chancery Court seeking access to the Company's records to investigate potential misconduct by directors and officers. Source
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