GTSI stock purchase completed; Unicom merger nears

GTSI Corp. and Unicom Systems Inc. today announced that Unicom Sub One Inc., an affiliate of Unicom, has successfully completed its tender offer for the outstanding shares of GTSI common stock for $7.75 per share in cash, without interest and less any applicable withholding taxes.

The offering period expired at midnight, Eastern time, on Friday, June 15, the two companies announced in their June 18 joint statement.

As of the expiration time, 8,884,283 shares of GTSI common stock had been validly tendered and not withdrawn, including 75,135 shares that had been tendered pursuant to notices of guaranteed delivery, representing 91.516 percent of the outstanding GTSI shares.

All such shares have been accepted for payment in accordance with the terms of the tender offer, the statement said.

As a result, Unicom expects to effect a merger as soon as practicable of Unicom Sub One and GTSI without a vote or meeting of GTSI's stockholders.

In the merger, each outstanding GTSI share not tendered and purchased in the offer will be converted into the right to receive the same $7.75 per share price.

When the merger is completed, GTSI will become a wholly owned subsidiary of Unicom and GTSI's common stock will cease to be traded on the NASDAQ Global Select Market.

GTSI Corp., of Herndon, Va., ranks No. 73 on Washington Technology’s 2012 Top 100 list of the largest federal government contractors.