Boston, MA 05/23/2013 (wallstreetpr) – The share prices of Multiband Corp. (NASDAQ:MBND) had increased by 24.03 percent to close at $3.20 per share for the trading session. The company also witnessed heavy trading in its shares as around 12.23 million shares exchanged hands for the day, while the average trading volume of the company is only 68,652 shares per day.
Offer for acquisition
The installation services provider, Multiband Corp. (NASDAQ:MBND) is proposed to be sold to Goodman Networks for $116 million. The privately held wireless communications company based in Plano, Texas had agreed to pay $3.25 per share to the equity holders for acquisition of Multiband Corp. (NASDAQ:MBND). This price was observed to 26 percent gain over the closing price of the company on Tuesday at $2.58 per share.
According to the agreement, Goodman Networks had also consented to buy back the preference shares issued by the New Hope based Multiband Corp. (NASDAQ:MBND) and also to repay all debts of the company. Multiband Corp. (NASDAQ:MBND) now has been allowed a time span of 45 days to analyze and consider other offers for sale and to acquire the approval of its shareholders. The entire deal would be completed by the third quarter of this fiscal year, once the regulatory approvals are obtained.
Multiband Corp. (NASDAQ:MBND) is involved in the installation services for pay channel television networks, internet providers and retailers of data, voice and video services to residential dwelling units. The company had floated 21.69 million shares to the equity holders and holds an institutional ownership of 43 percent.
