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As of the expiration time, 8,884,283 shares of GTSI common stock had been validly tendered and not withdrawn, including 75,135 shares that had been tendered pursuant to notices of guaranteed delivery, representing 91.516 percent of the outstanding GTSI shares.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

About the Author

David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
contracts DB


  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Read More

  • Is SBA MIA on contractor fraud? Nick Wakeman

    Editor Nick Wakeman explores the puzzle of why SBA has been so silent on the latest contractor fraud scandal when it has been so quick to act in other cases. Read More