HiSoft, VanceInfo Announce Completion of Merger as "Pactera"
Pactera Technology International, 11/10/12
Chinese IT service provider and software outsourcing firms VanceInfo Technologies (formerly NYSE: VIT) and HiSoft (formery Nasdaq: HSFT) have announced the completion of their previously announced merger. Effective as of today, the name of the combined company is "Wensi Haihui Jishu Youxian Gongsi" in Chinese Pinyin and "Pactera Technology International Ltd." (Nasdaq: PACT) in English.
As a result of the merger, each ordinary share of VanceInfo issued and outstanding immediately prior to the effective time of the Merger has been cancelled in exchange for the right to receive one common share of Pactera (after giving effect to the 13.9482-to-1 share consolidation completed by HiSoft prior to completion of the merger), and each American depositary share of VanceInfo representing one VanceInfo ordinary share, has been cancelled in exchange for the right to receive one American depositary share of Pactera.
Pactera will be listed on the Nasdaq Global Select Market. Trading of VanceInfo ADSs on the New York Stock Exchange under the trading symbol "VIT" will be suspended beginning on November 12, 2012. Due to the consolidation of Pactera common shares, the holders of VanceInfo ADSs will be able to trade the Pactera ADSs that they are entitled to receive in the merger on a "when distributed" basis under the symbol "PACTV" commencing on November 12, 2012, with settlement of such trades to occur on November 23, 2012. Commencing on November 19, 2012, former holders of VanceInfo ADSs will be able to trade their Pactera ADSs and settle such trades in a regular manner under the symbol "PACT". Holders of HiSoft ADSs will be able to continue to trade their ADSs on NASDAQ without interruption on a "with dividend" basis under the symbol "HSFT" or on an "ex dividend" basis under the symbol "PACTV" on November 12, 2012. The HSFT symbol will change to "PACTV" effective on November 13, 2012 and will further change to "PACT" and commence trading "regular way" on November 19, 2012.
Editor's Note: For more information please see VanceInfo Shareholders Approve Merger with HiSoft MD 11/06/12.
Keywords: software software outsourcing Hisoft VanceInfo VIT HSFT Pactera PACT M&A IT services
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