Months after filing for Chapter 11 bankruptcy, Tilson Technology Management has announced it's poised to sell to ITG Communications LLC for $22 million.
In a statement last Friday, Tilson, a developer of fiber and wireless networks, said that ITG's offer was the highest placed at auction. A potential deal will see ITG purchase substantially all of Tilson’s assets in an all-cash offer.
The sale is subject to court approval and is subject to shareholder approval, noted Tilson, which expects the sale to close later this month.
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