The Board of Directors of ICT Group, Inc. has finally decided to reject the Aegis' proposed offer.

In a meeting, held on March 3, 2009 they have determined that it would not be in the best interest of the Company to pursue the transaction proposed by Aegis Limited.

Reacting to latest announcement, the scrip drop sharply over 20 per cent during early trading hours at Nasdaq.

It may be noted that yesterday, Ruias-promoted Indian conglomerate Essar group's BPO arm Aegis, offered to buy out the Nasdaq-listed BPO firm ICT Group at $127 million (Rs 640 crore).

The company has made a proposal to the board of ICT Group to acquire all of the outstanding shares of the company by paying $8 a share in cash.

The proposed offer has represents a premium of approximately 71 per cent over the 30-day average closing price of ICT shares and approximately 122 per cent premium above the last closing price as on February 27.

The shares of ICT Group closed on Monday at $5.91 on Nasdaq, up by more than 64% as compared to its previous close.

ICT GROUP, headquartered in Newtown, Pa., is a leading global provider of customer management and business process outsourcing solutions. It currently has operations in North America, Europe, Latin America, Australia, India and the Philippines.

The group reported a net loss of $23.3 million in 2008 and total revenue of $428.2 million compared to $453.6 million in the previous year.

The scrip of Nasdaq-listed in presently trading at $4.70, down 20.47 per cent compared to previous close.