PeopleSupport Inc. said late Wednesday that its board rejected the unsolicited $15-per-share acquisition offer from IPVG Corp. and AO Capital Partners.
The Los Angeles-based outsourcing services provider said the deal was "inadequate" and failed to take into account the company's strategic value and success in implementing its growth strategy. The offer represented an 11 percent premium on Tuesday's closing price.
PeopleSupport also said it expects fiscal 2008 per-share earnings of 65 cents to 81 cents on revenue of $180 million to $190 million. Analysts polled by Thomson Financial were expecting earnings of 57 cents per share on revenue of $171 million.
Shares in PeopleSupport closed down 6 cents Thursday to $13.71 in trading on the Nasdaq.
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