EyakTek continues pursuit of GTSI

GTSI Inc. has again turned thumbs-down to a persistent suitor.

A statement released Sept. 30 by Eyak Technology, said the Herndon, Va., government systems integrator has told Eyak that it still is “not interested” in pursuing a takeover transaction.

EyakTek increased its initial cash offer of $7 a share to $7.50 after GTSI publicly rejected the original offer.

“GTSI has again refused to negotiate a proposal that offers GTSI stockholders exceptional value and an immediate realization event in an otherwise illiquid stock,” EyakTek said in a statement.

“Nevertheless, EyakTek remains firmly committed to pursuing a transaction with GTSI and continues to consider all options available to it to ensure that GTSI stockholders have the opportunity to receive the maximum value for their investment,” it added.

"There is no response from the board of directors to the latest Eyak press release," Paul Liberty, GTSI vice president of corporate affairs and investor relations, told Washington Technology.

GTSI filed suit in a Delaware court to stop the takeover bid.

Following the initial offer in mid-September GTSI adopted a new shareholder rights plan which the company said was designed “to encourage the fair and equal treatment of GTSI’s shareholders in connection with any initiative to acquire effective control of the company.”

The plan is also intended “to ensure that, in the context of a tender offer, the Board of Directors has sufficient time to explore and develop alternatives for maximizing shareholder value, to provide adequate time for competing transactions to emerge and to ensure that shareholders have an equal opportunity to participate in such a bid,” GTSI said.

The plan expires Sept. 12, 2011, unless redeemed earlier by the company, it added.

As it continues to pursue GTSI, EyakTek and parent company Eyak, an Alaska Native Corporation, have come in for criticism in the press.

Today’s Washington Post uses Eyak as an example of the controversial and explosive growth of ANCs over the past decade.

GTSI, of Herndon, Va., ranks No. 59 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors. Eyak, of Anchorage, ranks No. 65 on the list.