TESSCO Technologies Stock (TESS): Why The Price Surged Today

By Amit Chowdhry ● Dec 7, 2021
  • The stock price of TESSCO Technologies, Inc. (NASDAQ: TESS) increased by over 30% today. This is why it happened.

The stock price of TESSCO Technologies, Inc. (NASDAQ: TESS) increased by over 30% today. Investors are responding positively to Lakeview Investment Group & Trading Company, LLC — which beneficially owns approximately 14.9% of the outstanding shares of TESSCO Technologies, making it Tessco’s second-largest stockholder — announced today that it has sent a letter proposing to acquire the company for $7.50 per share in cash.

This proposed transaction would represent a cash premium of 45% to Tessco’s most recent closing share price. And Lakeview also requested that Tessco immediately commence a review of strategic alternatives to maximize stockholder value.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.