Globecomm Systems, Scoggin: Curtis Schenker and Craig Effron‘s Scoggin Capital Management just now reported adding Globecomm Systems, Inc. (NASDAQ:GCOM) to its equity portfolio through purchasing 2.1 million shares of the company, according to a 13G SEC filing. Scoggin disclosed that it now holds 8.8% of the satellite-based managed network solutions company. At the current price of Globecomm’s stock, the value of the Scoggin’s position amounts to $29.4 million. Through the acquisition, Scoggin joined Nokota Management, Ardsley Partners, and Royce & Associates among the other hedge funds bullish on Globecomm.
In the fiscal year 2013, Globecomm posted a net income of $15.2 million, about 40% lower than $28.6 reported for the fiscal 2012. The EPS of the company declined to $0.66, from $1.26. In August, Globecomm disclosed that it was entering into a definitive agreement with an affiliate of Wasserstein & Co. to be bought out at a price of $14.15 per share in cash, with the total value of the deal amounting to $340 million.
“We believe that this transaction is in the best interest of our shareholders, customers, partners and employees. Wasserstein & Co. has a proven track record of helping companies build on their success,” Globecomm’s Chairman and CEO David Hershberg stated.
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