XML 31 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

On May 7, 2012 the Company entered into a definitive merger agreement (“Agreement”) to be acquired through a cash tender offer at $7.75 per share by an affiliate of UNICOM® Systems, Inc. (“UNICOM”), in a transaction with an expected total value of approximately $76.67 million. The Agreement was unanimously approved by a special committee of independent GTSI directors and GTSI’s full Board of Directors and is not subject to any financing contingencies. The closing of the tender offer, which is expected to occur in the second or early third quarter of 2012, is subject to customary terms and conditions, including the tender of at least a majority of GTSI’s shares (on a fully diluted basis) and regulatory approvals including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

Under the terms of the Agreement, GTSI is permitted to solicit alternative acquisition proposals from third parties through June 6, 2011 and intends to consider any such proposals. In addition, GTSI may, at any time, subject to the terms of the Agreement, respond to unsolicited alternative acquisition proposals. The Agreement also contains certain break-up fees payable to UNICOM in connection with the termination of the Agreement under certain circumstances.

Upon completion of the merger, GTSI will become a private company, wholly owned by UNICOM.