Consolidated Communications Buys Bulldog Target North Pittsburgh Systems

Phillip Goldstein/Bulldog Investors activist target North Pittsburgh Systems (Nasdaq: NPSI) announced yesterday an agreement to be acquired by Consolidated Communications (Nasdaq: CNSL) for $25 per share in a taxable cash and stock transaction with a total consideration of $375.1 million.

Goldstein has been pushing the company to sell for some, most recently in a DFAN14A filing on June 15th, suggesting the stock is worth $28.50-$31 per share to a strategic buyer.

It is not clear if the firm will support yesterday's deal.

Some other Phillip Goldstein/Bulldog Investors stocks: Wilshire Enterprises Inc. (AMEX: WOC), RMR Hospitality and Real Estate Fund (AMEX: RHR).

NPSI 1-yr chart