GSE Systems (GVP) said Monday a Pelican Energy Partners affiliate has agreed to increase the merger price to acquire GSE shares for $4.60 per share from the previously agreed $4.10.
As of Oct. 18, GSE Systems had secured proxies representing 49.9% of its outstanding shares in favor to be acquired by Pelican and is urging the remaining shareholders to vote for the merger, the company said.
The new merger price represents a 29% premium over the 30-day average price as of Aug. 7, it added.
GSE Systems said it has rescheduled the special meeting of the company's stockholders to Oct. 29.
The company's shares were up over 6% in recent trading.
Price: 4.62, Change: +0.28, Percent Change: +6.45
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