Mergers and Acquistions News
Categories: Telecoms
December 3rd 2008, 16:09PM
Tollgrade Communications has rejected an unsolicited takeover bid worth around $80 million (£54 million).
The offer from Bradford Capital Partners valued shares in the firm in range between $5.50 and $6.
However, Tollgrade believes that the offer undervalues the company and that it does not reflect its strong cash position and long-term prospects.
In a letter to Bradford Capital Partners, president and chief executive officer of Tollgrade Joseph A Ferrera stated that the firm will be sticking to a plan it outlined in late October.
He said: "The company's management and new strategy have the full support of the board."
Recently, the board of Tollgrade approved plans for the firm to buy back $15 million of its common stock through open market and privately negotiated transactions.
As part of its business strategy the firm will also look to place a greater emphasis on its software testing solutions in an attempt to secure a sizeable share of what it claimed is a $1 billion dollar market.
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