Tollgrade Communications not interested in Bradford Capital's proposed offer

By Lisa Kerner

Charlotte, N.C., Dec. 2 - Tollgrade Communications, Inc. said its board of directors rejected the unsolicited indication of interest from Bradford Capital Partners to acquire Tollgrade for between $5.50 and $6.00 per share.

According to a form 8-K filed with the Securities and Exchange Commission, the proposed offer does not "reflect the strength of the company's cash position or the long-term value of the business."

The offer also fails to take into account the potential benefits of Tollgrade's strategic plan and stock repurchase completed in October, the company said.

Tollgrade, based in Cheswick, Pa., designs, engineers, markets and supports test system and status-monitoring hardware and software products for the U.S. telecommunications and cable industries.

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