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Computer Services to be taken private for $1.6 bln

computer-services-to-be-taken-private-for-$1.6-bln

Computer Services Inc. CSI, shares rallied 45% in pre-market trades Monday after the company agreed to be taken private for $58 a share in a deal valued at $1.6 billion by buyers Centerbridge Partners, L.P. and Bridgeport Partners. The $58-per-share price values Paducah, Ky.-based Computer Services at a 53% premium over its closing level of $37.88 on Friday. The deal follows a review process of strategic alternatives. The transaction is expected to close in the fourth quarter. Computer Services Chairman Steve Powless said the board “believes it is in the best interest of our shareholders.” The company will remain under CEO David Culbertson and its current management team.

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