After a lull for several quarters, things may be about to heat up at little-followed Stratos International (Nasdaq: STLW).

The $109 million market cap niche tech company should wrap up its strategic alternatives review process over the next month or two. Last September, Stratos, a manufacturer of RF, microwave and optical subsystems and components, announced that it was reviewing its strategic alternatives with an investment bank. This move came after large Stratos shareholder Steel Partners made an unsolicited $7.50 per share buyout offer for the company. Steel has a 15% stake in Stratos and has been in the stock since January 2005.

Chicago-based Stratos was formed through the November 2003 merger of Stratos Lightwave, an optical subsystems and components provider, and Sterling Holding, which had its roots in the RF and microwave interconnect business. A one-time tech darling, Stratos fell hard after the tech bubble burst and dropped off Wall Street’s radar. Stratos CEO Philip Harris inherited a badly struggling, unfocused and unprofitable company when he came aboard in December 2004. 

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