MidOcean and PSP Investments withdraw EDAC Technologies acquisition proposal
EDAC recommends that its shareholders accept the alternate offer made by GB Aero Engine Merger Sub for outstanding shares.
Cheshire, CT - EDAC Technologies Corp. announced that on April 7, MidOcean Associates SPC and Public Sector Pension Investment Board (PSP) were withdrawing their previously announced unsolicited proposal to acquire all the outstanding shares of EDAC common stock at $18.25/share.
EDAC is a designer, manufacturer, and servicer of precision components for aerospace and industrial applications.
As previously announced on March 26, 2013, GB Aero Engine Merger Sub Inc. commenced a cash tender offer for all of the outstanding shares of common stock of EDAC at a price of $17.75/share. On that same day, the board of directors of EDAC unanimously recommended that EDAC's shareholders accept the offer by GB Aero Engine Merger Sub Inc. and tender their shares of EDAC common stock pursuant to such tender offer. On March 28, 2013, the board of directors of EDAC received MidOcean's and PSP's unsolicited acquisition proposal.
On March 29, 2013, EDAC announced that it intended to engage in discussions with MidOcean and PSP regarding their acquisition proposal in order to more fully evaluate their proposal with a view to establishing whether it constituted a superior proposal. As a result of MidOcean's and PSP's withdrawal, EDAC is no longer in discussions with the companies regarding their acquisition proposal. MidOcean Associates SPC is an affiliate of MidOcean Partners.
The board of directors of EDAC continues to unanimously recommend that EDAC's shareholders accept the offer by GB Aero Engine Merger Sub Inc. for all of the outstanding shares of common stock of EDAC at a price of $17.75/share and tender their shares of EDAC common stock pursuant to such tender offer. The tender offer and withdrawal rights are scheduled to expire at midnight, EST, on Tuesday, April 23, unless extended or earlier terminated in accordance with the terms of the merger agreement.
EDAC's acquisition of EBTEC Corp. in June 2012 expanded its services to the aerospace and industrial markets to include laser welding, laser cutting, and laser drilling, which enables its expansion into the semiconductor and medical devices markets.
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