LGL GROUP INC (LGL) Group terminates its discussion with the investment group; Gamco increased its stake
Key Summary: LGL Group designs and markets electronic components internationally, with a market cap of $35M as of April 2019.In 2018, LGL terminated discussions to sell its subsidiaries after Gamco (24.75%) opposed the deal, citing undervaluation. Gamco reduced its stake to 19.83% in December 2018 but increased it to 20.9% by April 2019.
M. Cap: $35 million | The LGL Group, Inc., together with its subsidiaries, engages in the design, manufacture, and marketing of standard and custom-engineered electronic components in the United States and internationally.
- On July 27, 2018, the Company announced that it was continuing the evaluation of a non-binding proposal from an investment group to acquire for cash the assets of its two principal operating subsidiaries, M-tron Industries, Inc. and Precise Time and Frequency, LLC.
- On July 30, 2018, Gamco (24.75%) sent a letter to the CEO urging members of the Board and management to pursue other initiatives to accelerate long-term value creation. It stated that the announced transaction made no economic sense and materially undervalued the potential of using the Company as an acquisition vehicle.
- On July 31, 2018, the Company announced the termination of discussions regarding a proposal from an investment group to acquire the assets of the Company’s two principal operating subsidiaries, M-tron Industries, Inc., and Precise Time and Frequency, LLC. Source
- On December 27, 2018, Gamco reduced its stake to 19.83%.
- On April 4, 2019, Gamco increased its stake to 20.9%.
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