Comtech Telecommunications Corp. (NASDAQ:CMTL or “Comtech”) today announced it has closed its strategic and cash accretive acquisition of TeleCommunication Systems, Inc. (“TCS”). TCS stockholders received $5.00 per share in cash. As a result of the completion of the merger, the common stock of TCS is no longer listed for trading on the NASDAQ Global Market or any other exchange and trading ceased at the close of the markets on February 23, 2016.
TCS stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker. Stockholders who hold stock certificates can surrender their certificates for $5.00 per share in cash, without interest and less any applicable withholding taxes, through the paying agent for the merger, American Stock Transfer & Trust Company, LLC.
Dr. Stanton Sloane, President and Chief Executive Officer of Comtech, commented, “We are excited to close the acquisition of TCS. The acquisition provides a transformational opportunity for Comtech and is a significant step in our strategy of entering complementary markets and expanding our domestic and international commercial offerings.”
Dr. Sloane added, “We continue to work hand in hand with TCS to integrate our two great companies and look forward to providing additional information about the close of the transaction on our second quarter financial results conference call which is scheduled to occur in March 2016.”
Source: Comtech Telecommunications Corp.
Date: Feb 23, 2016