Edac Technologies (EDAC -4.5%) falls after saying MidOcean Partners has withdrawn its bid to acquire all of Edac's outstanding shares for $18.25. The company recommends stockholders tender their shares to a separate offer from GB Aero Engine for $17.75.
Private equity firm MidOcean Partners makes a last-minute $18.25 per share counterbid for Edac Technologies (EDAC +4.5%), valuing the aerospace and industrial-components maker at about $105M and trumping Monday's $17.75 per share deal made with Greenbriar affiliate GB Aero Engine. The proposal, being made through one of MidOcean's affiliates and with a large North American pension plan investment manager, represents a 23.2% premium to the average closing per share price of EDAC over the 30 trading days preceding the announcement of the deal with Greenbriar.
GB Aero Engine LLC plans to acquire EDAC Technologies (EDAC) for $17.75 a share in a cash tender offer, a narrow 8% premium over EDAC's closing price on Friday. The deal is expected to close in the second quarter of the year.