Shares of test & measurement solutions provider Wireless Telecom Group (NYSE:WTT) are soaring higher at the time of publishing today after it agreed to be acquired by Maury Microwave in an all-cash deal.
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The acquisition has been approved by the Boards of both the companies and the $2.13 per share consideration points to a 34% premium over WTT’s May 24 closing price.
Upon closing, WTT will transition into private ownership, and its CEO, Tim Whelan will be stepping down. The acquisition is anticipated to close in the third quarter of this year and remains subject to closing conditions and investor approval.
Today’s rise in WTT shares further builds up on the 9% gain in the share price over the past year.
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