Breaking Finance News

BREAKING- Wasserstein to Buy Globecomm for $14.15 per Share (GCOM)

Shares of Globecomm (NASDAQ: GCOM) are halted after announcing that Wasserstein will purchase the communications company for $14.15 per share–lower than the company’s current price of $14.40 per share. The release notes that its a 22 percent premium over the January 14 price when Globecomm announced that it was exploring strategic alternatives.

“We believe that this transaction is in the best interest of our shareholders, customers, partners and employees. Wasserstein & Co. has a proven track record of helping companies build on their success,” said David Hershberg, Chairman and CEO of Globecomm.

It also announced that based on preliminary financial results, it expects to announce the following for its fiscal year ending June 30:

  • Consolidated revenues to be approximately $319.6 million.
  • Services segment revenues to be approximately $199.1 million.
  • GAAP diluted net income per common share to be approximately $0.66.
  • Adjusted EBITDA to be approximately $38.4 million.

[stock-tools exchange="NASDAQ" symbol="GCOM" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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