Comtech extends offer for TeleCommunication shares
Overview of the manufacturing plant at Comtech Telecomunications Corp. in Melville. Credit: Newsday / Alejandra Villa
Comtech Telecommunications Inc. is extending its $5 per share tender offer for TeleCommunication Systems Inc. for the second time, the Melville company disclosed in a government filing Tuesday.
The maker of communications gear used in satellite and mobile networks announced the $430.8 million deal on Nov. 22 and initially set a deadline to receive a majority of TeleCommunication Systems shares at midnight Jan. 5, but extended the offer to Jan. 20. Tuesday’s extension pushes the deadline to 5 p.m. Feb. 3.
In a statement, Comtech said that as of Jan. 15, about 23.5 percent of outstanding shares of Annapolis, Maryland-based TeleCommunication Systems had been tendered. Telecommunications Systems routes 911 calls and provides software and equipment for messaging on wireless carriers.
Calls for comment to Comtech and TeleCommunication Systems were not immediately returned.
Shares of Comtech fell 2 percent Tuesday to close at $18.24; shares of TeleCommunication Systems dropped 1.1 percent to close at $4.90.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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