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Orbcomm Gets No Alternative Acquisition Proposals After $1.1 Billion GI Partners Deal

05/10/2021 07:40

11:36 AM EDT, 05/10/2021 (MT Newswires) -- Orbcomm (ORBC) said Monday that no alternative acquisition proposals were received following the expiration of the 30-day "go-shop" period last week as part of the merger deal with investment firm GI Partners.

The company said it engaged with more than 50 parties with the assistance from financial advisors PJT Partners and Raymond James, but secured no alternative proposals.

Last month, GI Partners struck a deal to acquire Orbcomm for $1.1 billion that will take the internet of things provider private. The deal is expected to close in the second half of this year.

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