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Globecomm Systems, Inc. (NASDAQ:GCOM) Investor Investigation Over Takeover Announced

  • If you purchased shares of the Globecomm Systems, Inc. (NASDAQ:GCOM) and currently hold any of those NASDAQ:GCOM shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
Globecomm Systems, Inc.
Security
NASDAQ: GCOM

Summary

August 27, 2013 (Shareholders Foundation) -- An investigation on behalf of investors, who currently hold shares of Globecomm Systems, Inc. (NASDAQ:GCOM) shares, was announced concerning whether the takeover of Globecomm Systems, Inc. by an affiliate of Wasserstein & Co. for $14.15 per NASDAQ:GCOM share is unfair to NASDAQ:GCOM stockholders.

The investigation by a law firm is at an early stage and concerns whether a potential takeover would be unfair to NASDAQ:GCOM investors.

On Jan. 15, 2013, Globecomm Systems Inc. (NASDAQ: GCOM) announced that it has retained Needham & Company to act as its financial advisor to review potential strategic alternatives to enhance shareholder value. On August 26, 2013, Globecomm Systems Inc. (NASDAQ: GCOM) announced that an affiliate of Wasserstein & Co. has entered into an agreement to acquire Globecomm Systems Inc for $14.15 per share in cash.

The transaction is valued at approximately $340 million.

However, given that at least one analyst has set the high target price at $17.50 per share and that NASDAQ:GCOM shares traded as recently as July 25, 2013 as high as $14.73 per share, the investigation concerns whether the $14.15-offer is unfair to NASDAQ:GCOM stockholders. Furthermore, Globecomm Systems financial performance improved lately. In fact, it reported that its Total Revenue increased from $274.19 million for the 12 months period that ended on June 30, 2011 to $381.90 million for the 12 months period that ended on June 30, 2012 and that its Net Income for the respective time periods increased from $8.99 million to $28.56 million. Shares of Globecomm Systems, Inc. (NASDAQ:GCOM) grew from as low as $4.54 per share in March 2009 to as high as $16.03 in 2011.

Therefore the investigation concerns whether the Globecomm Systems Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

On August 27, 2013, NASDAQ:GCOM shares closed at $13.93 per share.

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