EDAC Technologies Corp. (EDAC) announced that on April 7, 2013, MidOcean Associates SPC, an affiliate of Private equity firm MidOcean Partners, and Public Sector Pension Investment Board, or PSP, informed EDAC that they were withdrawing their unsolicited proposal to acquire all of the outstanding shares of EDAC common stock at $18.25 per share.
EDAC said on March 18 that it entered into a definitive deal to be acquired by GB Aero Engine LLC, an affiliate of private equity firm Greenbriar Equity Group LLC, for an aggregate equity value of about $104.1 million. The acquisition will be for $17.75 per share in cash.
On March 26, GB Aero Engine Merger Subcommenced a cash tender offer for all of the outstanding shares of common stock of EDAC at a price of $17.75 per 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, EDAC said it 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 said it is no longer in discussions with MidOcean and PSP regarding their acquisition proposal.
EDAC noted that its board 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 per share and tender their shares of EDAC common stock pursuant to such tender offer. The tender offer and withdrawal rights are scheduled to expire on Tuesday, April 23, 2013, unless extended or earlier terminated in accordance with the terms of the merger agreement.
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