- StarTek Inc. ( NYSE: SRT ) fell 5.4% in after hours trading after the company's largest holder withdrew an offer for the company.
- StarTek holder CSP Management said it withdrew its proposal after the company earlier this month rejected its $4.65/share offer, according to a letter in a 13D/A filing.
- CSP owns 22.6 million shares, or a 56% stake in StarTek.
- "Though we continue to believe that the proposed valuation set forth in the Proposal reflects a full and fair price and compelling value to the holders of shares of StarTek Common Stock not beneficially owned by us, based on discussions with the Special Committee’s advisors and the Special Committee’s announcement on September 9, 2022, it is evident that the Special Committee has a different perspective and we would be unable to reach agreement with the Special Committee on an appropriate valuation at this time," CSP said in the letter. ."Therefore, we hereby withdraw the Proposal."
- CSP originally offered to buy StarTek( SRT ) for $5.40/share in late December.
For further details see:
StarTek drops after holder CSP Management formally withdraws bid