SAI Global board fires CEO; considers acquisition bid
It’s been a big week for SAI Global. The company’s board appointed a new executive chairman after the CEO was fired. The company is also considering an acquisition proposal from Pacific Equity Partners (PEP).
Andrew Dutton, who was previously the board’s non-executive, independent chairman, was appointed as executive chairman on 26 May. Dutton’s appointment followed the board’s decision to terminate the employment of SAI Global CEO Stephen Porges.
According to Dutton, the decision to terminate Porges’ employment was based on the fact that he had fundamental differences of opinion from the board. The differences concerned the implementation of the company’s strategic business improvement objectives.
Porges has received six months’ notice of termination of his contract of employment. Dutton will serve as executive chairman until Porges’ successor is appointed.
PEP has approached SAI Global with a proposal to acquire its outstanding shares “for an indicative price in the range of $5.10 to $5.25”. The board says it is working to determine whether a binding proposal worthy of being recommended to shareholders can be developed.
The proposal is non-binding, conditional and subject to due diligence.
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