GSE Systems and Pelican Energy Partners increase merger consideration

GSE Solutions has entered into an amendment to the merger agreement with an affiliate of Pelican Energy Partners announced on August 8. Pursuant to the amended merger agreement, GSE’s common stock outstanding immediately prior to the effective time of the merger will be converted into the right to receive $4.60 per share in cash. This represents an increase of approximately 12.2% over the $4.10 of per share merger consideration previously agreed to by GSE and Pelican. In addition, the new per share merger consideration represents a premium of approximately 69% over the closing price of the GSE common stock as of August 7 and a premium of approximately 29% over the average 30-day volume weighted average price as of such date. GSE also announced that, as of October 18, the company held proxies representing 1,733,340 shares of stock, or 49.93% of the issued and outstanding shares.