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Friday, November 9, 2012

Equity Trader Alert #2012 - 50
Pactera Technology International Ltd to start trading on November 12, 2012, Following Completion of Merger

Markets Impacted:

Contact Information:

What you need to know:

  • On Monday, November 12, 2012, Pactera Technology International Ltd is expected to begin trading on a when-distributed basis on The NASDAQ Global Select Market under the symbol PACTV.
  • HiSoft Technology International Limited, which is currently listed on The NASDAQ Global Select Market, will continue to trade under the symbol HSFT until Tuesday, November 13, 2012.

What is changing?

On Monday, November 12, 2012, Pactera Technology International Ltd ("Pactera") is expected to begin trading on The NASDAQ Global Select Market on a when-distributed basis under the symbol PACTV. HiSoft Technology International Limited ("HiSoft") (NASDAQ: HSFT) is expected to continue to trade on The NASDAQ Global Select Market under the symbol HSFT until November 13, at which time its name and symbol will change.

What are the details of the transaction?

On November 6, 2012, shareholders of HiSoft and VanceInfo Technologies Inc. ("VanceInfo") (NYSE: VIT) approved the previously announced merger agreement by and among HiSoft and VanceInfo. Upon completion of the merger, VanceInfo's American Depositary Shares (ADSs) will no longer be listed on the NYSE. The combined entity will be renamed "Pactera Technology International Ltd" and its ADSs will be listed on the NASDAQ Global Select Market.

HiSoft holders of record on November 8, 2012 will receive a 36.22% stock dividend which is payable on November 9, 2012. The EX date for this distribution will be November 13, 2012. (Please note: Monday, November 12, 2012 is not a valid U.S. EX date due to the Veterans Day holiday.) The ratio on the HiSoft ADS will change from 1:19 to 1:1 in conjunction with the distribution. VanceInfo shareholders will be entitled to receive one new Pactera ADS as merger consideration.

Trading of VanceInfo ADSs on the NYSE under the trading symbol VIT will be suspended effective with the close of trading on November 9, 2012. Holders of VanceInfo ADSs will be able to trade the Pactera ADSs that they are entitled to receive in the merger on a "when distributed" basis under the symbol "PACTV" commencing on November 12, 2012 on NASDAQ. Holders of HiSoft ADSs will be able to trade their ADSs on NASDAQ on a "with dividend, OLD" basis under the symbol HSFT or on an "ex dividend, NEW" basis under the symbol PACTV on November 12, 2012.

The availability of both markets will only exist for one day, as HSFT will be "EX" dividend for the previously announced distribution on November 13, 2012. Effective November 13, 2012, PACTV will be suspended and the HSFT symbol will change to PACTV. The symbol will further change to PACT and commence trading "regular way" on November 19, 2011. The settlement date for when distributed trades is expected to occur on November 23, 2012.

If you would like to register as a Market Maker in PACTV or HSFT, please contact NASDAQ OMX Trading Operations at +1 212 231 5100.

Where can I find more information?

  • Contact NASDAQ Corporate Data Operations at +1 877 308 0523.

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