Globecomm Agrees To Be Bought By Wasserstein Affiliate For $340 Mln Cash

(RTTNews) - Globecomm Systems Inc. (GCOM), a communications solutions provider, said an affiliate of Wasserstein & Co. has entered into a definitive agreement to acquire Globecomm for $14.15 per share in cash. The transaction is valued at about $340 million.

The purchase price represents a premium of 21.9 percent over the closing price on January 14, the day Globecomm said it had retained Needham & Company to assist it in a review of strategic alternatives to enhance shareholder value.

The transaction was unanimously approved by Globecomm's Board of Directors. It is expected to be completed in the fourth calendar quarter.