Oct. 22, 2009 -- GVI Security Solutions is to be acquired by private equity firm GenNx360 Capital Partners according to an agreement announced today by both firms. GVI, which has been an official arm of Samsung Electronics in the security industry will be sold for $0.38 per share in a cash deal estimated to be worth $11.6 million. The move will make GVI a private firm.
The process of acquiring the shares of GVI will occur next month, starting on Nov. 4, 2009.
GVI’s Chairman Steven Walin noted that the deal represents a premium of 22.6 percent over the company’s closing share price from Wednesday, Oct. 21, 2009. The move has been approved by GVI’s board of directors, which is recommending GVI stockholders tender their shares as part of the acquisition process.