CSP Fund II LP, managed by Capital Square Partners Pte Ltd completed the acquisition of remaining 42.87% stake in Startek, Inc. from MCI Capital, LC, MCI, LC, Iowa City Capital Partners, LC and others.
As of August 25, 2023, The board of directors of Startek, Inc. has formed a special committee of independent directors that is authorized to evaluate the non-binding proposal by CSP. CSP has received all internal approvals necessary to submit our Proposal and proceed with negotiating the Potential Transaction. This includes approvals to immediately begin with the preparation of definitive documentation containing terms and conditions customary for a transaction of this type. CSP expects to execute Definitive Agreements before the end of August 2023. Startek and the special committee do not intend to comment further about this proposal or any other potential transaction, unless and until a specific transaction is approved by the special committee. Transaction is also approved the Parent Board. Shareholders which collectively hold approximately 56% of the outstanding shares of Common Stock, executed and delivered to the Company an irrevocable written consent adopting the Merger Agreement and approving the Merger. The transaction is expected to close by the end of calendar year 2023, subject to the satisfaction of customary closing conditions.
Sidharth Bhasin and Robert Katz of Latham & Watkins LLP acted as legal advisors to CSP. The special committee has engaged Gibson, Dunn & Crutcher LLP as its counsel and Houlihan Lokey Capital, Inc. as its financial advisor to assist in its consideration of the proposal and fairness opinion provider. Sherman & Howard LLC acted as legal advisor to Startek. Houlihan is entitled to an aggregate fee of $2.4 million for its services upon the consummation of the merger, a portion of which became payable upon the execution of Houlihan?s engagement letter, an additional portion of which became payable upon the delivery of Houlihan?s opinion (which portion is not contingent upon consummation of the merger), and $1.35 million of which will become payable upon consummation of the merger. Computershare Trust Company, N.A. acted as Transfer Agent for Startek.
CSP Fund II LP, managed by Capital Square Partners Pte Ltd completed the acquisition of remaining 42.87% stake in Startek, Inc. (NYSE:SRT) from MCI Capital, LC, MCI, LC, Iowa City Capital Partners, LC and others on January 5, 2024. With the completion of the take-private acquisition, Startek?s common stock ceased trading before market open on January 5, 2024 and will no longer be listed on the New York Stock Exchange.