On September 4, 2013, Premiere Global Services, Inc., or PGi, announced the acquisition of ACT Teleconferencing, Inc., or ACT, a global provider of integrated conferencing solutions, pursuant to an agreement and plan of merger by and among PGi, certain of PGi’s subsidiaries, ACT and certain of ACT’s shareholders. We funded the aggregate purchase price of $53 million in cash, subject to net monetary asset adjustments as provided in the merger agreement, through our recently amended credit agreement and cash and equivalents on hand. The resulting purchase price is approximately $44 million, net of excess working capital. The foregoing description of the merger agreement is qualified in its entirety by its full text, which is filed herewith as Exhibit 10.1 and incorporated herein by reference. A copy of the press release announcing the acquisition is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
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