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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edac Technologies Corp. (MM) | NASDAQ:EDAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.75 | 0 | 01:00:00 |
By Saabira Chaudhuri
An affiliate of private-equity firm Greenbriar Equity Group LLC has extended its tender offer to acquire EDAC Technologies Corp. (EDAC), after receiving a weak response.
GB Aero Engine LLC has extended the offer deadline to April 30 from April 23. As of Monday, it had received tender for about 34% of EDAC's outstanding shares.
In March, EDAC agreed to be acquired by GB Aero Engine in a deal valuing it at roughly $100 million. Holders will receive $17.75 a share. EDAC's board and executives, who have a combined stake of about 18.2%, agreed to tender their shares to the offer.
Later that month, MidOcean Partners, along with Public Sector Pension Investment Board, made a bid for Edac that valued the aerospace and industrial-components maker at about $105 million, looking to trump the existing deal. But MidOcean later withdrew its bid for EDAC for undisclosed reasons.
EDAC has two business segments, its aerospace segment and the industrial division, which includes its Apex Machine Tool and EDAC Machinery lines. The aerospace unit's sales include stationary components for Boeing Co.'s (BA) Dreamliner and General Electric Co.'s (GE) GE 90 aircraft engines, as well as rotating parts for industrial gas turbines and development parts for geared turbofan engines from United Technologies Corp.'s (UTX) Pratt & Whitney unit.
The deal with Greenbriar's affiliate is expected to close in the second quarter.
Shares of EDAC were halted in recent trading. The stock has risen 44% so far this year.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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