West Corp. Business News

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jsheets
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West Corp. Business News

Post by jsheets »

http://today.reuters.com/investing/fina ... URGENT.XML
NEW YORK, May 31 (Reuters) - West Corp. (WSTC.O: Quote, Profile, Research) on Wednesday said it agreed to be acquired by an investor group led by Thomas H. Lee Partners and Quadrangle Group LLC in a deal valuing the provider of outsourced communications services at $4.1 billion, including debt.

Omaha, Nebraska-based West said all shareholders, excluding founders Gary and Mary West, would receive $48.75 a share in cash, a 13 percent premium to its closing price Tuesday. The Wests meanwhile agreed to convert 85 percent of their holdings -- a 56 percent stake -- into $42.83 per share in cash and the remainder into shares of the company surviving the merger.
With all shares being bought back, it sounds like West will no longer be a publicly traded company (but someone else would know better than me).
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Post by Omaha Cowboy »

From the Thursday W-H:

'Ownership of West Corp. may change, but the company says it will be business as usual for employees and clients.

West's employees were notified by e-mail and conference calls Wednesday that the 20-year-old company plans to change from being owned by shareholders who invest through public markets to being owned by private investment companies. The private investors are based in New York and Boston.'..

The complete W-H story link:

http://www.omaha.com/index.php?u_pg=46&u_sid=2181222

..Ciao..LiO....Peace
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jsheets
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Post by jsheets »

That's one less Fortune 1000 (and future Fortune 500) for Omaha.

But I wouldn't be suprised if it goes public after resold in the next couple of years.
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Post by lonnie »

jsheets wrote:That's one less Fortune 1000 (and future Fortune 500) for Omaha.
I don't think the Fortune 500 (or 1000) list requires the company to be a public company.

Cox Communications is #316 on the 2006 list, and COX has been private for a few years. (I was a COX shareholder before they bought it away from me.)

Getting finincal data is a lot harder for Fortune if the company is not public. I assume if they don't cooperate, they are not on the list.

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Re: West Corp. sold for $4.1 billion

Post by nebugeater »

had a friend just post on Facebook that Westcorp cut heads by 2/3 and divested all live call center operations. Anyone know any more
For the record  NEBUGEATER does not equal BUGEATER    !!!!!!!
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Re: West Corp. sold for $4.1 billion

Post by Brad »

nebugeater wrote:had a friend just post on Facebook that Westcorp cut heads by 2/3 and divested all live call center operations.  Anyone know any more
Interesting. They have to be one of Omaha's larger employers.
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Re: West Corp. Business News

Post by Brad »

Article:
http://money.cnn.com/news/newsfeeds/art ... 114573.htm" onclick="window.open(this.href);return false;
CNN Money wrote:"The divestiture is consistent with the Company's stated objective of focusing on higher growth, more profitable assets," said Tom Barker, chairman and chief executive officer. "We expect this transformative action will result in a faster growing organization with enhanced revenue visibility and reduced customer concentration. We will also become a significantly less labor-intensive company. Approximately 25,300 West employees will move to Alorica and our employee count will go from approximately 35,000 to 9,700."
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Re: West Corp. Business News

Post by Louie »

For the employees switching to Alorica, is that a local move? Or will they be relocated elsewhere?
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Re: West Corp. Business News

Post by Brad »

West Corp. to sell several business units; 3,000-plus Omaha workers expected to keep jobs

http://www.omaha.com/money/west-corp-to ... eafdf.html" onclick="window.open(this.href);return false;
Barbara Soderlin / World-Herald staff writer wrote:The sale will affect about two-thirds of the company’s more than 3,000 Omaha workers. West informed employees of the news Wednesday by email, and a spokesman said the company does not anticipate any of its Omaha workers will lose their jobs in the transition.
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Re: West Corp. Business News

Post by guitarguy »

Well thats some pretty good news!
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Re: West Corp. Business News

Post by jessep28 »

Telemarketing is high turnover and people mostly complain about their company on the internet when reviewing them, but this new company has about the same rating as West Corp.
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Re: West Corp. Business News

Post by Linkin5 »

jessep28 wrote:Telemarketing is high turnover and people mostly complain about their company on the internet when reviewing them, but this new company has about the same rating as West Corp.

West is bottom of the barrel when it comes to telemarketing jobs, they have a pretty awful business structure from what I have seen/talked to people that worked there.
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Re: West Corp. Business News

Post by GRANDPASMUCKER »

Linkin5 wrote:
jessep28 wrote:Telemarketing is high turnover and people mostly complain about their company on the internet when reviewing them, but this new company has about the same rating as West Corp.

West is bottom of the barrel when it comes to telemarketing jobs, they have a pretty awful business structure from what I have seen/talked to people that worked there.
This company was born by dealing from the bottom of the barrel. How could we forget the fact that the Wests sold this company for millions in the 80's to First Data or American Express and then came back a year later and weaseled around the NO COMPETE CLAUSE and stole all their old clients back essentially getting away with highway robbery. Steve Idleman did the exact same thing. If I was the new buyer I would be afraid that West will try it again.
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Re: West Corp. Business News

Post by skinzfan23 »

Alorica plans will add 600 workers 
to its Omaha call center operations
Alorica, which last year purchased West Corp.’s Omaha-area call center operations, said it plans to hire 600 additional full-time workers this year, bringing its local employee total to 2,400.
The Irvine, California-based company now employs 1,800 at its seven Omaha call centers.
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West Corporation

Post by choke »

West Corporation seeks strategic alternatives. Another Omaha company bites the dust. West Corp., a Fortune 1000 company, employs 1,000 Omahans, for now. Stay tuned.
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Re: Another one bites the dust....

Post by Coyote »

"To maximize long-term shareholder value." and |expletive| the people who actually work.
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Re: West Corp. Business News

Post by iamjacobm »

I am not suggesting that these businesses leaving have anything to do with the R or D in front of our Governor or Mayor. I will guarantee that there would be impeachment cries like crazy if we still had a D Mayor that "lost" ConAgra or West, considering that every D mayor for over a decade faced impeachment challenges. As little influence as they have on these happenings Ricketts and Stothert's legacies could be tied to thousands of job losses in our city and state, it comes with the territory of public office.

Our state is facing a billion dollar revenue gap and is looking like it will be losing a lot more of our corporate and income tax. Going to be a really interesting decade...
choke
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Re: West Corp. Business News

Post by choke »

In all fairness. CONAgra was a mess and what can you do if West Corp. is antiquated technology? You'd hope some of the West infrastructure remains in Omaha.
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Re: West Corp. Business News

Post by iamjacobm »

choke wrote:In all fairness. CONAgra was a mess and what can you do if West Corp. is antiquated technology? You'd hope some of the West infrastructure remains in Omaha.
That is why I prefaced my comment. The reality is that the reaction here would be to blame a D Mayor if this happened under their watch is all I am saying.
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Re: West Corp. Business News

Post by MadMartin8 »

Didn't a large chunk of West get bought by Alorica anyways?
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choke
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Re: West Corp. Business News

Post by choke »

iamjacobm wrote:
choke wrote:In all fairness. CONAgra was a mess and what can you do if West Corp. is antiquated technology? You'd hope some of the West infrastructure remains in Omaha.
That is why I prefaced my comment. The reality is that the reaction here would be to blame a D Mayor if this happened under their watch is all I am saying.
Certainly. I also agree with Coyote though. West is putting their share holders above a 1000 employees' jobs. Talk about having no conscious. Even CONAgra showed some compassion even if it wasn't sincere.
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Re: West Corp. Business News

Post by choke »

Per Russell Hubbard / World-Herald staff writer:
West Corp. declines to give more info on strategic alternatives
Tom Barker, the chief executive of the Omaha-based communications services company, said on a conference call with analysts and investors that the company is “deeply engaged” in the process it announced last year. But that was it: Barker said no further comment would be forthcoming on that process.
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Re: West Corp. Business News

Post by GRANDPASMUCKER »

choke wrote:
iamjacobm wrote:
choke wrote:In all fairness. CONAgra was a mess and what can you do if West Corp. is antiquated technology? You'd hope some of the West infrastructure remains in Omaha.
That is why I prefaced my comment. The reality is that the reaction here would be to blame a D Mayor if this happened under their watch is all I am saying.
Certainly. I also agree with Coyote though. West is putting their share holders above a 1000 employees' jobs. Talk about having no conscious. Even CONAgra showed some compassion even if it wasn't sincere.

West and Idleman telemarketing were two of the most slimey and ruthless companies that ever existed in Omaha! Both companies were started by Gary West and Steve Idleman after they sold their companies for millions to American Express and signed non compete agreements. Less then a year after selling their firms both Gary West and Steve Idleman reopened under their wives names and began stealing their former clients and former employees back. Idleman promised a bunch of the employees he stole that he would make them millionaires if they came and joined him. :roll: I think most of those employees never got squat from Idleman and are lucky if they could afford a sack lunch today much less be worth millions.
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Re: West Corp. Business News

Post by Coyote »

Omaha's West Corp. sold to New York-based private-equity firm
Brad Davis / World-Herald staff wrote:Omaha-based West Corp., a pioneer of the telemarketing industry and employer of 1,200 in the area, said late Tuesday it would be purchased by a private-equity firm, taking the company off the public stock exchange and putting into question its headquarters operation.

A spokesman for the company told The World-Herald on Tuesday evening that the purchase, by New York-based Apollo Group, shouldn't affect the day-to-day operations of the company in Omaha, nor its employee count.
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Re: West Corp. Business News

Post by Brad »

Purchase of West Corp. complete; spokesman says things won't change for the 1,200 Omaha employees

http://www.omaha.com/money/purchase-of- ... e3ea0.html

A New York-based private-equity firm completed its purchase of Omaha-based West Corp. on Tuesday. A spokesman for West said things wouldn’t
By Brad Davis / World-Herald staff writer wrote:change for the 1,200 employees of the company in its hometown.
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