Shares of Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) soared 59.69% during the pre-market trading session after the company disclosed that it has signed an agreement with Macquarie Capital and GCM Grosvenor. As per the agreement, Macquarie Capital and GCM Grosvenor will buy Alaska Communication in all cash deal valued at $300 million including the debt.
An affiliate of Macquarie Capital and GCM Grosvenor will buy all the outstanding shares of common stock of Alaska Communications for $3.00 per share in cash. This will constitute a premium of approximately 57% over the closing per share price of $1.91 on November 2, 2020 which is the the last trading day before the completion of merger agreement. It also constitute a premium of approximately 50.8% over the 30-day volume weighted average price as of November 2, 2020.
The deal will be completed after the approval of shareholders of Alaska Communcations and other cutomary condition. The deal include debt and equity financing and is not based on any condition related to financing. The Board of Directors of Alaska Communications has approve the agreement anfd suggested that all the stakeholders agreed over this propsed merger and merger agreement.
The company is planning to host a special meeting of shareholders to discuss the merger agreement and will also take vote of the shareholders on merger agreement. Furthermore, TAR Holdings, LLC which hold 8.8% ownership in Alaska has also signed a voting agreement with Macquarie Capital and GCM Grosvenor and assured that it will vote in favor of merger.
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) shares were trading up 58.64% at $3.03 at the time of writing on Tuesday. Alaska Communications Systems Group, Inc. (ALSK) share price went from a low point around $1.37 to briefly over $2.86 in past 52 weeks. ALSK market cap has remained high, hitting $103.60 million at the time of writing.
Global Investor rights firm, Halper Sadeh LLP has commenced investigation that whether the sale of Alaska to Macquarie Capital and GCM Grosvenor in $300 million cash trasnsaction is a just with the shareholders of Alaska Communications. The firm will investigate whether or not the Telecom company has violated the federal securities laws and/or breached their fiduciary duties to shareholders.
