TESSCO Tech set for best day on takeover proposal from Lakeview Investment

Tessco Technologies

07/12/2021 15:33

** Shares of wireless equipment provider  TESS.O  jump as
much as 36.8% to touch a near 5-month high of $7.07  
    ** Stock, last up ~31%, set for biggest one-day pct. gain
ever
    ** Lakeview Investment, the second largest stockholder in
TESS with a ~14.9% stake, proposes to acquire the co for $7.50
per share in cash  urn:newsml:reuters.com:*:nGNX1qnBgT
    ** Offer price represents a premium of ~45% to TESS' last
close
    ** Lakeview says TESS "suffered from a series of
value-destroying decisions" made by the leadership, adding that
the best path forward for TESS was to sell itself
    ** With Tuesday's moves, TESS up ~9% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))