Satellite communications provider Globecomm Systems Inc agreed to be taken private by investment firm Wasserstein & Co for about $340 million. Wasserstein's offer of $14.15 per share in cash represents a 1.73 percent discount to Globecomm's closing price on Friday.Globecomm shares fell 3 percent to $13.95 on the Nasdaq on Monday morning, trading well below the offer price. The stock had risen 24 percent to Friday since the company said in January that it was exploring strategic alternatives.The transaction is expected to be financed through cash provided by Wasserstein affiliates and other co-investors, and debt financing, Globecomm said in a statement.Wasserstein & Co, founded by the late Bruce Wasserstein in 2001, has made deals worth $3 billion. It manages the New York magazine, which is solely owned by the Wasserstein family.
Globecomm Systems Inc. (Globecomm) provides satellite-based managed network solutions. Shares of GCOM fell by 3.12% or $-0.45/share to $13.95. In the past year, the shares have traded as low as $10.11 and as high as $14.91. On average, 52858 shares of GCOM exchange hands on a given day and today's volume is recorded at 870069.
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