Energy management company Comverge Inc , which has been exploring strategic alternatives for over a year, said it will be taken private by H.I.G. Capital in a $49 million cash deal.The $1.75 per share offer price is a 7 percent discount to Comverge's Friday close of $1.88.Comverge has been seeking additional capital financing and has explored a variety of financing and strategic alternatives since the fall of 2010.The company -- which works with grid operators, utilities and large consumers to lower energy use during expensive peak hours -- said it can solicit alternative proposals from third parties during a go-shop period of 30 days.
Comverge, Inc. is a provider of intelligent energy management (IEM). Shares of COMV fell by 1.6% or $-0.03/share to $1.85. In the past year, the shares have traded as low as $1.03 and as high as $5.09. On average, 256031 shares of COMV exchange hands on a given day and today's volume is recorded at 48236.
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