TESSCO Technologies Incorporated Receives Stockholder Approval To Merge And Announces Expected Merger Closing Date
Portfolio Pulse from Benzinga Newsdesk
TESSCO Technologies Incorporated (NASDAQ:TESS) has received approval from its stockholders to merge with entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, which also own Alliance Corporation and GetWireless, LLC. The merger is expected to close on July 17, 2023, after which TESSCO will become wholly owned by the entities, its common stock will cease trading on Nasdaq, and all outstanding shares will be converted into the right to receive the merger consideration of $9.00 per share.
July 13, 2023 | 8:09 pm
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TESSCO's merger with entities affiliated with Lee Equity Partners and Twin Point Capital will result in the company becoming wholly owned by these entities and its stock ceasing to trade on Nasdaq. Shareholders will receive $9.00 per share.
The merger will result in TESSCO becoming wholly owned by the entities affiliated with Lee Equity Partners and Twin Point Capital. This means that its common stock will cease trading on Nasdaq, which could impact the liquidity of the stock. However, shareholders will receive $9.00 per share, which could be seen as a positive outcome for them.
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