RTTNews | Dec 7, 2021 11:05AM EST

11:05 Tuesday, December 7, 2021 (RTTNews.com) - Tessco Technologies Inc. (TESS) shares are trading more than 29 percent on Tuesday morning trade after the company's second-largest stockholder Lakeview Investment Group issued a letter to acquire the company for $7.50 per share in cash. The proposed transaction would represent a cash premium of 45 percent to Tessco's recent closing share price.

Lakeview Investment currently owns approximately 14.9 percent of the outstanding shares of TESSCO Technologies.

Currently, shares are at $6.90, up 33.66 percent from the previous close of $5.17 on a volume of 5,054,757. For the 52-week period, the shares have traded in a range of $5.08-$9.25 on average volume of 27,652.

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