The merger is complete โ CSGS common stock is no longer trading on Nasdaq and will be deregistered. Holders of CSGS common stock should have received or will receive $80.70 per share in cash. Convertible note holders should evaluate the conversion terms ($1,231.53 per $1,000 principal during the Make-Whole Fundamental Change Period). No further trading in CSGS equity is expected.
Price Chart
Executive Summary
NEC Corporation completed its all-cash acquisition of CSG Systems for $80.70 per share on May 14, 2026. CSG is now a wholly owned subsidiary of NEC, trading of CSGS common stock has been suspended on Nasdaq, and delisting will be effective May 25, 2026. The existing credit facility ($125M repaid) and convertible notes (~$425M outstanding) have been addressed via termination and a supplemental indenture, respectively. All prior directors and top executives (CEO, CFO, Chief Legal Officer, Chief Experience Officer) have been replaced by NEC/Netcracker appointees.
Key Financial Metrics
Key Facts
- Merger completed on May 14, 2026; CSG shareholders received $80.70 per share in cash.
- CSG common stock trading suspended on Nasdaq; delisting effective May 25, 2026.
- Approximately $425M aggregate principal amount of 3.875% Convertible Senior Notes due 2028 outstanding; holders can convert into $80.70 cash per share equivalent.
- Existing $125M credit facility repaid in full and terminated; no early termination penalties incurred.
- All 10 prior directors resigned; Masakazu Yamashina (NEC) is the sole director of the surviving corporation.
- CEO Brian Shepherd, CFO Hai Tran, Chief Experience Officer Elizabeth Bauer, and Chief Legal Officer Rasmani Bhattacharya terminated without cause; Sylvain Seignour appointed President.
- Certificate of incorporation and bylaws amended and restated; CSG is now a wholly owned subsidiary of NEC.
- Netcracker Technology (NEC subsidiary) will lead the combined business; Andrew Feinberg appointed Chairman and CEO of the combined organization.
Financial Impact
All-cash acquisition valued at $80.70 per share; total equity value approximately $2.3B based on pre-deal market cap. $125M credit facility repaid. ~$425M convertible notes converted to cash obligation.
Risk Factors
- Delisting and deregistration eliminate public market liquidity for CSGS shares.
- Convertible note holders face forced conversion into cash at terms set by the supplemental indenture.
- Integration risk: combining CSG with Netcracker under NEC may face operational and cultural challenges.
- Appraisal rights: shareholders who properly exercised appraisal rights may receive a different value through litigation.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-224339 |
| Document: d154728dex32.htm | 0001193125-26-224339 |
| Document: d154728dex41.htm | 0001193125-26-224339 |
| Document: d154728dex991.htm | 0001193125-26-224339 |
| Document: d154728dex31.htm | 0001193125-26-224339 |
| Document: 0001193125-26-224339-index-headers.html | 0001193125-26-224339 |
| Document: 0001193125-26-224339-index.html | 0001193125-26-224339 |
| Document: 0001193125-26-224339.txt | 0001193125-26-224339 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 18w ago | 15-12G | โ | awaiting T+5 | โ | โ |
May 14, 2026 20w ago | 8-K | $80.69 awaiting T+5 | awaiting T+5 | โ | โ |
May 11, 2026 20w ago | 8-K | $80.69 $80.69 | ยท 0.00% | โผ โ0.08% | โ |
US Market Status
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