Comtech extends tender offer for TeleCommunication Systems
The floor of a Comtech Telecomunications Corp. manufacturing plant on May 15, 2003 in Melville. Credit: Newsday / Alejandra Villa
Comtech Telecommunications Inc. is extending its $5 per share tender offer for TeleCommunication Systems Inc. for the third time, the Melville company disclosed in a government filing Wednesday.
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 the shares of Annapolis, Maryland-based TeleCommunication Systems at midnight Jan. 5. It subsequently extended the offer to Jan. 20 and later to Feb. 3. The latest expiration date is 5 p.m., Thursday, Feb. 18.
In a statement, Comtech said that as of Tuesday about 22.5 million shares representing about 35.6 percent of outstanding Telecommunication shares had been tendered, short of the majority required to close the deal.
Telecommunication 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 0.8 percent to $18.36 in early afternoon trading; shares of TeleCommunication Systems dropped 1.2 percent to $4.88.
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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