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Eyak Withdraws Offer To Buy GTSI

DULLES, Va. (AP) â¿¿ Alaska's Eyak Technology LLC said Monday it has withdrawn is offer to buy GTSI Corp., sending GTSI's shares skidding 41 percent on pre-market trading.

Eyak said it is withdrawing its offer of $7.50 per share in cash, after the U.S. Small Business Administration suspended GTSI from receiving any future contract awards from the federal government. Eyak said it is evaluating the effects of the SBA's decision on GTSI.

GTSI provides information technology products and services to the federal and state governments and contractors.

Its shares tumbled $3.10, or 41 percent, to $4.40 in pre-market trading Monday.

The company said Friday that "Until tonight, no government agency had made an allegation that GTSI had violated any law or regulations regarding this matter." It added it will "fight to restore our good name."

Eyak, based in Alaska, provides communications, information technology, and health care services.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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