GREY ISLAND SYSTEMS INTERNATIONAL $0.34 (Toronto symbol GIS; SI Rating: Speculative) (877-434-4844; www.interfleet.com; Shares outstanding: 73.9 million; Market cap: $24.8 million) has received a friendly takeover offer from WebTech Wireless (symbol WEW on Toronto).
Grey Island shareholders will receive 0.30 of a WebTech share for each of their Grey Island shares. Based on WebTech’s current trading price, the offer is worth $0.38 per Grey Island share.
We’re sorry to see Grey Island get taken over. The company continues to sign new contracts, and we still think it has lots of potential. However, the deal has the support of Grey Island’s board of directors and management, who together hold 22.6% of its outstanding shares.
The company’s shares are trading below the takeover price, which indicates that a competing offer is unlikely.
Grey Island is now a hold through to the completion of the offer. That will let you get the full $0.38 per share price. We’ll say more on WebTech Wireless at that time.
RUSSEL METALS…
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