National Technical Systems Agrees To Go Private For $23 A Share - Quick Facts

(RTTNews) - National Technical Systems, Inc. (NTSC), a provider of engineering services, on Friday said that it has entered into an agreement t be acquired by an affiliate of private equity firm Aurora Capital Group.

Following the deal, National Technical Systems will become a privately held company.

In pre-market activity, National Technical Systems shares gained $3.62 or 21.83 percent, and are currently trading at $20.20.

In the deal, each of its share will be converted into the right to receive an amount in cash equal to $23 per share, which reflects a premium of 38.7 percent over the closing price of the company's common stock on August 15.

The company noted that the proposed merger is subject to the approval of its shareholders. The company will ask its shareholders to consider and vote to approve the merger agreement at a Special Meeting of Shareholders, which is expected to be held no later than October 31. The company expects the merger to close before the end of 2013.

National Technical Systems President and CEO William McGinnis said the company will continue to operate in much the same way as it always has and that he expects the core management team and staff will remain in place.