GTSI Announces Expiration of the Go Shop Period and Agreement in Principle to Settle the Transaction Related Litigation
As previously announced, GTSI Corp. (NASDAQ: GTSI), a systems integration, solutions and services provider to government, entered into a definitive merger agreement on May 7, 2012 (the “Merger Agreement”) to be acquired through a cash tender offer at $7.75 per share by a subsidiary of UNICOM® Systems, Inc. (“UNICOM”), a global information technology company and part of the UNICOM® group of companies, followed by a second step merger, in a transaction with an expected total value of approximately $76.67 million.
GTSI today announced the expiration of the “go-shop” period pursuant to the terms of the previously announced Merger Agreement with Unicom under which GTSI and its representatives were permitted to actively solicit alternative acquisition proposals for a period of 30 calendar days, which expired at 11:59 p.m. New York City time on June 6, 2012, and to continue negotiations with certain qualifying bidders. On June 8, 2012, the Board of Directors of GTSI confirmed that, while GTSI did receive a letter of interest, it did not receive any superior acquisition proposals during the “go-shop” period.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.