GTSI Corp (Nasdasq: GTSI) to be acquired by Unicom Systems for $76M

Shawshank, VA 5/7/12 (StreetBeat) -- Herndon-based GTSI Corp. (Nasdaq: GTSI) has agreed to a buyout offer from Unicom Systems Inc. worth approximately $76.67 million.

GTSI shareholders will be offered a cash tender offer at $7.75 per share of common stock. That represents a premium of approximately 47.9 percent over GTSI’s closing stock price as of May 5 and approximately 65.6 percent over its one-year average closing stock price, according to a statement from GTSI announcing the transaction.

Under the terms of the deal, GTSI is permitted to solicit alternative acquisition proposals from third parties through June 6, and it intends to consider any such proposals. Should GTSI accept an alternative offer, or terminate the deal for another reason, the agreement contains certain breakup fees payable to Unicom.

That may not be the most likely outcome. The deal was unanimously approved by a special committee of independent GTSI directors and GTSI's full board of directors. The transaction is subject to regulatory approvalsbut is expected to close in the second or thrid quarter of 2012.

GTSI returned to profitability in its latest quarter, despite a steep drop in revenue.

Unicom Systems, a software provider for enterprise computing businesses, is a division of The Unicom Group, a collection of 20 companies in eight countries in the U.S. and Europe.

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