Global information technology services firm Ciber Inc (NYSE:CBR) saw its stock gaining more than 100 percent in today’s trading at the New York Stock Exchange after AMERI Holdings Inc announced a merger proposal.
The stock gained 0.270 to trade at 0.550 a share, with 7.618 million shares exchanging hands. Ciber’s range for the day reached as high as 0.640 and a low of 0.433 a share.
Before the market opened, AMERI Holdings announced a merger proposal to Ciber, valuing the company at a price of $0.75 per share.
The AMERI Group owns approximately 4.5 million shares of CBR, representing 5.5% of CBR’s total shares outstanding.
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AMERI first contacted Ciber a few weeks ago to explore the benefits of combining the two companies.
At that time, AMERI, which provides consulting and technology solutions, also submitted a formal proposal to Ciber’s Board, expressing AMERI’s interest in a strategic business combination.
AMERI’s proposal was based solely on publicly available information and emphasized a desire to engage in discussions with the Ciber Board and management team to quantify synergies and other benefits of merging.
Additionally, AMERI said it has formed a stockholder group with Lone Star Value Management, LLC to nominate two highly-qualified candidates to Ciber’s Board of Directors at the upcoming Annual Meeting of Stockholders.
Ciber operates in two segments: North America and International. Its Ciber International segment primarily consists of countries in Western Europe and the Nordic region.
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Its North America segment is organized into service offerings, which include Independent Software Vendor Relationships (ISV)/Channel Partner Platforms, Managed Services, Business Consulting, Application Development and Management (ADM)/Staffing, and Software-as-a-Service (SaaS). – BusinessNewsAsia.com