Dec. 21, 2015, 1:47 PM
- The DOJ has cleared Comtech's (CMTL +1.3%) planned $430.8M ($5/share) all-cash purchase of telecom hardware/services provider TeleCommunication Systems (TSYS +0.4%). The deal was first announced in November,
- Comtech's tender offer for TCS shares is set to expire at midnight at the end of Jan. 5. TCS trades $0.03 below Comtech's offer price.
Nov. 23, 2015, 10:23 AM
- Comtech (CMTL -9%) is paying $430.8M in enterprise value, or $5/share, to buy telecom hardware and services provider TeleCommunication Systems (TSYS +12.4%). The price represents a 14% premium to TCS' Friday close, and is equal to 1.2x the company's sales for the 12 months ending Sep.30.
- The deal is expected to close "no later than March 2016." Comtech CEO Stanton Sloane: "TCS is a unique business and a leading provider of mission-critical C4ISR solutions and next generation emergency 911 services to leading cellular and VoIP providers." Comtech adds the deal lowers its exposure to "challenging" international business conditions, gives its entry into commercial markets (inc. public safety), and establishes it as a prime contractor for several U.S. government contracts.
- $12M in cost synergies are expected in the second year after closing, and $27.5M in transaction-related expenses are forecast. TCS has risen to $4.93; Comtech made a new 52-week low of $19.55 before bouncing a bit.
- The deal arrives four months after TCS said it's exploring strategic alternatives.
Dec. 9, 2014, 5:23 PM
- Comtech (NASDAQ:CMTL): "After considering various strategic alternatives to enhance shareholder value, including a possible merger or sale of the Company, the Board has determined that the interests of the Company and its shareholders will be best served by the Company remaining independent."
- The telecom equipment vendor originally launched a strategic review in August. Reuters reported at the time Comtech had "received preliminary expressions of interest."
Aug. 25, 2014, 5:53 PM
- Comtech (NASDAQ:CMTL) says it's "exploring strategic alternatives to enhance shareholder value, including a possible merger or sale of the Company."
- No timetable has been set for finishing the review. Shares are higher after coming off a halt.
- Earlier: Comtech reportedly exploring sale, receives preliminary interest
Aug. 25, 2014, 4:25 PM| Aug. 25, 2014, 4:25 PM
Oct. 1, 2013, 4:11 PM
- ORBCOMM (ORBC +0.6%) acquires Comtech's (CMTL +0.4%) Sensor Enabled Notification System operation, which includes satellite hardware, network tech, and web platforms focused on asset tracking. The unit has more than 20K subscribers globally. Terms were undisclosed.
- The vertically-oriented acquisition also complements ORBCOMM's recent GlobalTrak acquisition, which uses SENS technology.
Oct. 6, 2011, 9:29 AM
Comtech (CMTL) +7.8% premarket, a day after Reuters reported several government contractors had expressed interest in a possible acquisition of the communications equipment maker. CMTL reportedly is working with Goldman Sachs for strategic advice in response to pressure from hedge fund MMI Investments.| Oct. 6, 2011, 9:29 AM
Oct. 5, 2011, 5:40 PM