Bradley L. Radoff Opposes GSE Systems' Take-Private Merger With Pelican Energy Partners

(RTTNews) - Bradley L. Radoff, who collectively with his affiliates owns approximately 9.9% of the outstanding shares of GSE Systems Inc. (GVP), sent a letter to GSE Systems' Board of Directors indicating its opposition to the proposed take-private merger with Pelican Energy Partners.

Bradley believes the proposed sale to Pelican significantly undervalues the Company and puts leadership's interests ahead of shareholders' best interests.

In August 2024, GSE Systems announced that it finalized a merger agreement to be acquired by Pelican Energy Partners in an all-cash deal. The agreement values the company at $4.10 per share, representing a 50% premium over its closing price on August 7, 2024. Following the merger, GSE will transition to a private entity and will be delisted from Nasdaq.