GSE Systems Agrees to 12% Higher Sale Price with Pelican Energy

Dow Jones

2024-10-21

By Adriano Marchese

GSE Systems said it has agreed with its acquirer to increase the takeover price by 12%.

The engineering solutions company said Monday it has agreed to amend the merger agreement with an affiliate of Pelican Energy Partners to allow for GSE's stock to be converted into the right to receive $4.60 per share in cash.

This is up from their previously agreed price of $4.10 a share in early August when they agreed to an in an all cash deal that valued the company at around $13.3 million. The new price represents a premium of about 69% over GSE's closing price on Aug. 7.

Shares have more than doubled in 2024, closing on Friday at $4.34 a share, and traded 4.4% higher ahead of the bell on Monday at $4.58.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 21, 2024 09:25 ET (13:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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