Wednesday, May 11, 2011

Globecomm Systems Soars On Takeover Speculation

Shares of Globecomm Systems Inc. (NASDAQ: GCOM) surged more than 10% Wednesday after DealReporter said that the provider of satellite-communications services has hired JPMorgan Chase & Co. to advise on a possible sale. A potential deal could value the company at $22 per share, according to DealReporter. Baltimore-based investment firm NSB Advisors LLC, which owns about 40 percent of the company, may prevent a deal if it perceives an offer price to be too low, the publication said, citing one of the sources. Harris Corp., a Melbourne, Florida- based provider of information technology services to the government, may be a potential acquirer, DealReporter said. Stay tuned for more.

Full Disclosure: None.
Related Posts with Thumbnails

Wikinvest Wire