GTSI board rejects unsolicited takeover offer from Eyak Technology at $7 a shareBy AP
Monday, September 13, 2010
GTSI board rejects Eyak buyout offer at $7 a share
HERNDON, Va. — GTSI Corp., a provider of information technology equipment and services to government agencies, said Monday that its board had rejected an unsolicited acquisition proposal for $7 per share from Eyak Technology LLC.
The offer, received Monday, was deemed “grossly inadequate” and not in shareholders’ best interests, the company said.
Shares were up 9 cents, or 1.3 percent, at $6.99 in after-hours trade, after closing up $1.71, or 33 percent, at $6.89.
The company noted in a letter to Eyak CEO Keith Gordaoff that it was Eyak’s second unsolicited proposal and that it raised “substantial issues” under an agreement in which GTSI owns 37 percent of Eyak’s membership interests.
“The GTSI board strongly and unanimously believes that GTSI has a bright future as an independent company and nothing in your Sept. 13, 2010 letter adds anything to your prior proposal,” the company said in the letter.
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