Blackstone Cuts Pactera Buyout Price, Citing Debt Costs

Law360, New York (September 13, 2013, 3:15 PM EDT) -- The midsummer uptick in long-term debt costs may have its first victim: The Blackstone Group LP on Friday lowered its bid for Pactera Technology International Ltd. by 7 percent, citing worse-than-expected earnings and an increase in borrowing costs. 

Blackstone has submitted a formal bid of $7 per share, along with a draft merger agreement and financing commitments, to Pactera's board. The offer values the Beijing-based consulting firm at about $600 million, down from a $7.50-per-share preliminary bid in May that valued it at $642 million....
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