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News Breaks | | | | March 18, 2013 | | 07:01 EDT |  | EDAC | EDAC Technologies enters into merger agreement with Greenbriar Equity
EDAC Technologies announced it has entered into a definitive agreement to be acquired by GB Aero Engine, an affiliate of Greenbriar Equity Group, for $17.75 per share in cash, pursuant to a cash tender offer and second step merger, for an aggregate equity value of approximately $104.1M. The EDAC board has unanimously approved the agreement and recommended that the shareholders of EDAC accept the offer and tender their shares into the offer. Under the terms of the agreement, EDAC shareholders will receive $17.75 in cash for each share of EDAC common stock, representing a premium of approximately 29.6% over EDAC's average closing price during the 90 trading days ending March 15, and a 19.8% premium over EDAC's average closing price during the 30 trading days ending March 15. | |
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