- Maury Microwave, Inc. has acquired Wireless Telecom Group Inc WTT for an estimated price of $2.13 per share.
- This purchase price marks a 34% premium to the company’s closing price as of May 24 and a 50% premium since the announcement date in July 2022 regarding the strategic alternatives process.
- The acquisition is set to finalize in Q3 2023, subject to shareholder approval and customary closing conditions.
- As per the CEO, Tim Whelan, “We believe that given the scale of our company, private ownership offers benefits over public ownership, including lower operating costs, and continued capital investment to accelerate its growth strategy, enhance its customer delivery, and evolve the organization for the future.”
- Post acquisition, the company’s leadership team will continue to manage the organization, with Whelan stepping aside from his position.
- Recently, WTT announced revenue of $5.2 million and a loss of EPS of $0.04 for the March quarter.
- Price Action: As of Thursday, WTT’s shares have surged by 29.9% to $2.07.
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