The board of directors for Tessco Technologies Inc., a Hunt Valley-based wireless systems company, has rejected an acquisition offer from its largest shareholder as being "grossly inadequate."
The offer came from the Discovery Group, a Chicago-based investment firm that owns nearly 14 percent of the company, according to a Securities and Exchange Commission filing. Discovery, which has sparred publicly with the board over governance issues, wanted to buy the outstanding shares of Tessco at $15.50 per share, valuing the company at $114.7 million. Tessco's shares closed trading at $16.06 on Friday.
