Philippine conglomerate Ayala Corp. and US private equity firm Providence Equity Partners are pushing to take over Nasdaq-listed business process outsourcing (BPO) giant eTelecare Global Solutions through a buyout offer to minority shareholders for $290 million.

eTelecare said in a disclosure to the Nasdaq that it had entered into a definitive agreement in which affiliates of Ayala and Providence Equity would start a tender offer to minority stakeholders in the Philippines and the United States to acquire up to all of its outstanding common shares and up to all of the outstanding eTelecare American Depositary Shares for $9 a share in cash.

The offer price represents a 76-percent premium over the company’s closing price on Nasdaq on Sept.18.

Ayala, which has a 22-percent stake in eTelecare, will participate in the transaction through LiveIt Investments Ltd., the holding company for Ayala’s investments in the BPO sector.

Completion of the tender offer will be subject to the condition that at least 66.67 percent of eTelecare shares and American Depositary shares are tendered in the offer and other regulatory approvals.

A. Soriano Corp., which has a six-percent stake in eTelecare, said in a disclosure that it had agreed to sell its stake for $17 million.

Providence Equity Partners, based in Rhode Island, is the leading global private equity firm specializing in equity investments in the media, entertainment, communications and information technology companies worldwide. With editing by INQUIRER.net