(Repeats to add currency in headline)
* Cash offer $7 per share; premium of more than 35 pct
* Had first bid on Aug. 13, but couldn’t engage GTSI board
* GTSI shares up 33 pct
Sept 13 (Reuters) - Eyak Technology LLC, an Alaska Native-owned solutions consultant, launched a hostile bid for government systems integrator GTSI Corp GTSI.O worth $67 million, seeking to boost its profile in the defense procurement and services business.
EyakTek said it initially approached GTSI on Aug. 13, and came back with a repeated offer in a letter to GTSI’s board after “several unsuccessful attempts to engage GTSI in substantive negotiations.”
The $7 per share cash deal implies a premium of 35.1 percent to GTSI’s Friday close of $5.18. GTSI shares jumped 33 percent to $6.90 before the bell Monday on Nasdaq.
GTSI had rejected the initial proposal on Aug 30.
EyakTek anticipates funding the deal with cash on hand and additional senior debt financing. It said it would operate GTSI on a standalone basis to capitalize on its brand name and industry recognition. (Reporting by Mansi Dutta in Bangalore, Editing by Ian Geoghegan)
Our Standards: The Thomson Reuters Trust Principles.