Tessco stock soars toward 2-year high after buyout deal at a more than 90% premium

Shares of Tessco Technologies Inc. TESS shot up 86.6% toward a two-year high in premarket trading Wednesday, after the wireless infrastructure company announced an agreement to be acquired by Alliance Corp. and GetWireless LLC in a deal reflecting a 91.5% premium. Under terms of the deal, Tessco shareholders will receive $9 in cash for each Tessco share they own, which compares with Tuesday’s closing price of $4.70. The stock hasn’t closed as high as $9 since February 2021. The deal price implies a market capitalization for Tessco of $83.1 million. After the deal closes, which is expected to occur in the third quarter…