Cegeka Completes Tender Offer for CTG; Discontinuing Coverage

Cegeka has completed its tender offer to acquire all outstanding shares of CTG for $10.50 per share in cash. As of the expiration of the tender offer, approximately 12.8 million shares of CTG, representing nearly 74% of outstanding shares, were validly tendered. With the number of shares tendered exceeding the minimum condition under the agreement, Cegeka will move forward with the consummation of the merger. Shares of CTG will subsequently be delisted, and we are therefore discontinuing coverage of the company. Our final price target of $10.50 reflects the acquisition price.

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K. Liu & Company LLC (“the firm”) receives or intends to seek compensation from the companies covered in its research reports. The firm has received compensation from CTG, Inc. (CTG) in the past 12 months for “Sponsored Research.”

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