Boston, MA 10/30/2013 (wallstreetpr) - Shares of telecom networking equipment maker Tellabs, Inc. (NASDAQ:TLAB) have stayed mostly around $2.45 since moving up last Thursday, but gaining more in the broader markets. Stocks have since largely oscillated between the figures of $2.43 and $2.46. Tuesday’s trading saw a significant 13.33 million shares change hands, continuing upwards from its huge spike of 13.06 million shares traded last Thursday, compared to the average daily volume of 3.97 million. The company’s shares have gained roughly 3.39% over the past month and around 10.36% in the earlier three months, in respective comparison with gains of 3.22% and 3.92% in the Standard & Poor’s S&P 500 of the same periods.
The American telecommunications networks equipment manufacturer, based out of Naperville, Illinois, helps telecom carriers manage traffic on their networks. The technology firm recently disclosed plans to file the Form 10-Q to the Securities and Exchange Commission by early November and will report its results for the third quarter in the form.
Meanwhile, Tellabs investors recently filed two lawsuits challenging the company’s recent $891 million acquisition proposal by Marlin Equity Partners, accusing Tellabs management of favouring its insiders over shareholders. Tellabs is currently in talks to be acquired by the Los Angeles-based venture capitalist for $2.45 a share in cash, a premium of 4.3% at the time of offer. Stakeholders allege that the deal undermines Tellabs intrinsic market value and that insiders including its top management would receive over $110 million from the deal with otherwise illiquid assets such as stock options and restricted shares. Both lawsuits request the jury to stop the merger under its present terms and order Tellabs to try to get a better price.
Tellabs stocks posted a $2.45 on October 29, an insignificant 0.41% drop from its previous close of $2.46 at NYSE market close. After-hours figures vacillated mostly between $2.44 and $2.45.