ICT Group, Inc. (ICTG) investor files lawsuit

PRLog (Press Release) – Oct 21, 2009 – An investor in ICT Group, Inc.(NasdaqGM: ICTG) filed a lawsuit on behalf of current investors of ICT Group, Inc. (Public, NASDAQ:ICTG), who purchased the shares before October 06, 2009, over alleged breaches of fiduciary duty in connection with an alleged unfair takeover.

If you are currently an investor in shares of ICT Group, Inc. (NASDAQ:ICTG), and purchased the shares before October 06, 2009, and / or have additional information relating to the investigation, you should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

According to the complaint the plaintiff alleges breaches of fiduciary duty by the Board of Directors of ICT Group, Inc. arising out of their attempt to sell ICT Group, Inc. (NASDAQ:ICTG) to Sykes Enterprises. On October 6, 2009 ICT Group, Inc. (Nasdaq:ICTG) and Sykes Enterprises, Incorporated (Nasdaq:SYKE) announced, that they have entered into a definitive merger agreement under which Sykes Enterprises, Inc agrees to acquire ICT Group, Inc. Under the proposed agreement Sykes Enterprises will pay $15.38 for each share of ICTG common stock on a fully diluted basis, for a total purchase price of approximately $263 million. Under the terms of the agreement, each issued and outstanding share of ICT Group will be converted into $7.69 in cash and SYKES stock with a value of $7.69, subject to a collar mechanism. If Sykes Enterprises’ volume weighted average stock price for a 10 trading-day period ending on the third trading day before the effective date of the merger is between $19.3306 and $22.4652, the fraction of a share of Sykes Enterprises common stock to be delivered with the $7.69 in cash for each ICT Group share (the "exchange rate") will be adjusted to deliver Sykes Enterprises stock valued at $7.69 per ICTG share. If Sykes Enterprises ' average stock price is at or above $22.4652, the exchange rate will be 0.3423 Sykes Enterprises share per ICTG share. If SYKES' average stock price is at or below $19.3306, the exchange rate will be 0.3978 Sykes Enterprises share per ICTG share. Each outstanding ICTG restricted stock unit will become fully vested at closing and the holder will receive a cash payment of $15.38. Each outstanding ICT Group stock option will become fully vested at closing and the holder will receive a cash payment based upon the difference between the exercise price for the stock option and $15.38. The Board of Directors of Sykes Enterprises and ICT Group have each approved the transaction. Chairman of the Board, President, and CEO John J. Brennan, Vice Chairman of the Board Donald Brennan, and Eileen Brennan Oakley hold approximately 39% of ICTG's outstanding shares and have entered into an agreement with Sykes Enterprises and ICT Group, Inc under which they have agreed to vote shares controlled by them in favor of the transaction. According to ICT Group, Inc the purchase price of $15.38 per share represents a premium of approximately 46% over the closing price of ICTG stock on October 5, 2009. According to a previous investigation by a law firm “the transaction appears to be unfair” to current investors of ICT Group, Inc. (NASDAQ:ICTG) because the “offer to acquire ICT Group, Inc. (NASDAQ:ICTG) at $15.38 per share appears opportunistically timed to take advantage of the current economic downturn”, given that ICT stock was trading at $12.00 a share as recently as August 26, 2009. The investigation “concerns whether the consideration to be paid to ICTG shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of ICTG” and “whether the directors of ICTG may have breached their fiduciary duties by not acting in ICTG shareholders' best interests in connection with the sale process of ICTG”.

Those who you are currently investors in shares of investor in shares of ICT Group, Inc. (NASDAQ:ICTG), and purchased the shares before October 06, 2009, and / or have additional information relating to the investigation, should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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