Back in October 2004, PeopleSupport Inc. (NASDAQ: PSPT) went public at $7 per share (the offering was fairly lackluster as the stock price fell on its first day of trading).

Well, now the company may no longer be public. That is, on Friday, PeopleSupport announced that it got a $15 per share buyout offer from IPVG and AO Capital Partners.

PeopleSupport provides offshore business process outsourcing services -- such as for customer management and transcription. The company operates in the Philippines, Costa Rica, and the United States.

However, the stock price plunged 38% in March because of a weak quarterly report. No doubt, the company faces intense competition from players like IBM (NYSE: IBM), Convergys, and eTelecare. Thus, it's likely we'll see consolidation in the space.

Interestingly enough, BloggingStocks had a piece -- a day before the buyout announcement --t hat showed that PeopleSupport had a "bullish 'flag'" pattern on its stock chart.

Yes, it certainly did.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

MOST NOTEWORTHY: Ballard Power Systems Inc (BLDP), GSI Technology, Inc (GSIT), eTelecare Global Solutions (ETEL) and JA Solar Holdings Co, Ltd (JASO) were the most noteworthy initiations in today's modest-sized list:

• Lazard started Ballard Power (NASDAQ: BLDP) with a Hold rating based on valuation.

• GSI Technology (NASDAQ: GIST) is gaining shares at key customers while ramp-up of its next-generation product should act as a strong catalyst to revenue starting in 2H07; Baird started shares with an Outperform rating.

• Baird also initiated eTelecare Global (NASDAQ: ETEL) with an Outperform rating citing consistent above-industry growth rates.

• American Technology initiated JA Solar Holdings Co (NASDAQ: JASO) with a Buy rating, pointing to the company's long-term customer agreements and solid silicon position...

OTHER INITIATIONS:

• MetroPCS Communications, Inc (NYSE: PCS) was started with an Overweight rating at Lehman.

• Cowen initiated shares of NetGear, Inc (NASDAQ: NTGR) with a Neutral rating.

• Lazard initiated Itron, Inc (NASDAQ: ITRI) with a Buy rating.

• Pacific Crest started shares of AsiaInfo Holdings, Inc (NASDAQ: ASIA) with a Sector Perform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MAJOR PAPERS:

• According to the Wall Street Journal, Take-Two Interactive Software's (NASDAQ: TTWO) announcement that it is considering a sale is being considered a "ploy" by the company to hold off a shareholder revolt, according to analysts.
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• The Financial Times reported that FedEx Corporation (NYSE: FDX) will launch guaranteed next day deliveries within China beginning in May.

OTHER PAPERS:

• The New York Post is reporting that Apollo Management is near a deal to acquire Claire's Stores Inc (NYSE: CLE) for $3B, according to sources familiar with the situation.
• The New York Times reported that two Home Depot Inc (NYSE: HD) directors will not seek re-election at the company's annual meeting in May.
• Investor's Business Daily's "New Issue America" column highlighted ETelecare Global Solutions (which will trade under the symbol ETEL on the NASDAQ), which is expected to price the week of March 26 with an offering price of $12.50-$14.50.

WEBSITES:

• A Palm Inc (NASDAQ: PALM) buyout could be finalized by Thursday at $20 a share, with Nokia Corporation (NYSE: NOK) as the leading bidder, reported Unstrung.com.
• CNet.com reported that Google Inc (NASDAQ: GOOG) will offer themes for its personalized homepages.