Breaking Finance News

Why National Technical Systems is up 38 Percent Friday

Stock Chart And MoneyShares of National Technical Systems (NASDAQ: NTSC) are up more than 37 percent after the company announced that it was being acquired by an affiliate of Los Angeles-based private equity firm, Aurora Capital Group. The acquisition price is $23 which represents a 38.7 percent premium ofter National Technical Systems’ Thursday closing price of $16.58.

The agreement has not been approved by NTS shareholders but will be put up for a vote on October 31.

NTS President and CEO William C. McGinnis said, “This is an exciting time to be a part of NTS.  We view this announcement as good news for our employees, good news for our customers and business partners, and good news for our shareholders.  We believe Aurora Capital Group, based on its proven expertise in many industries that are important to NTS, like aerospace, defense and transportation, to name just a few, is the right partner for us. We look forward to working closely with them and continuing to build a bright and prosperous future for NTS and all our stakeholders.”

[stock-tools exchange="NASDAQ" symbol="NTSC" 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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