NEW YORK, March 28, 2013 /PRNewswire/ -- MidOcean
Partners (through one of its affiliates), a leading private equity
firm, today announced that it has made a proposal to the board of
directors of EDAC Technologies Corporation (Nasdaq: EDAC) to
acquire all of the outstanding shares of EDAC for $18.25 per share in cash.
The proposed transaction represents a $0.50 per share premium to the price offered by
GB Aero Engine LLC, an affiliate of the Greenbriar Equity Group, in
a transaction announced on March 18,
2013. It also represents a 23.2% premium to the average
closing per share price of EDAC over the 30 trading days ending
March 15, 2013 which precede the
announcement of the deal with Greenbriar.
The proposal, which is being made jointly with a large North
American pension plan investment manager, is not subject to a
financing condition.
In its letter to the board of directors of EDAC, MidOcean and
its co-investor have stated that they would be prepared to enter
into an agreement to acquire EDAC on terms that are substantially
similar to, and in the aggregate at least as favorable to EDAC as,
those in EDAC's existing merger agreement with Greenbriar,
including structuring the transaction as a cash tender offer.
"We have full confidence that the board of directors of EDAC
Technologies will see the merits and strength of our proposal, and
determine that it is a 'Superior Proposal' under their existing
merger agreement with Greenbriar. We look forward to a constructive
dialog with the board and to quickly reaching an agreement to
acquire the company."
Gibson, Dunn & Crutcher LLP is acting as legal counsel to
MidOcean and its co-investor.
About MidOcean Partners
MidOcean Partners is a premier
private equity firm headquartered in New
York focused on the middle market. MidOcean is committed to
investing in high quality companies with stable market positions
and multiple opportunities for growth. Targeted sectors include
consumer, business services, and industrial services. MidOcean
utilizes a broad foundation of expertise in its focus industries to
create value for its investors and partners. For more information,
visit www.midoceanpartners.com.
This press release does not constitute and should not be
construed as an offer to purchase or a solicitation of an offer to
sell any securities of EDAC Technologies Corporation. There can be
no assurance that the proposal to the board of directors of EDAC
Technologies Corporation will result in a definitive agreement with
EDAC Technologies Corporation with respect to any transaction, or
of the timing or terms of any such agreement.
Contact:
MidOcean Partners
Chris Tofalli
Chris Tofalli Public Relations, LLC
chris@tofallipr.com
(914) 834-4334
SOURCE MidOcean Partners
