Eyak Technology this morning said it has withdrawn its $7.50 a share bid for government IT services provider GTSI (GTSI).
Eyak indicated in a statement that GTSI said in a letter that it was not interested in pursuing the proposal; the company also noted that late Friday GTSI announced that the U.S. Small Business Administration has suspended GTSI from any future contract awards with the federal government.
Eyaksaid it is “withdrawing its proposal to acquire GTSI in order to carefully evaluate the effect of the SBA’s action upon GTSI.”
GTSI this morning is down $2.90, or 40%, to $4.35.
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