Tessco To Be Bought For $9/shr In Cash; TESS Surges In Pre-Market

(RTTNews) - Tessco Technologies Inc . (TESS) said on Wednesday that it has inked a merger deal with the entities affiliated to Lee Equity Partners and Twin Point Capital allowing them to buy TESS for $9 per share in cash, or $161.4 million.

Following the news, TESS is trading up by 87.66 percent at $8.82 per share in pre-market on the Nasdaq.

The merger reflects a premium of approximately 91 percent to the closing share price and a premium of around 97 percent to Tessco's 30-day volume-weighted average stock price as of April 11.

Upon the completion of the transaction, which is expected in the third calendar quarter, Tessco will maintain its facilities in Hunt Valley and Timonium, Maryland and in Reno, Nevada.