By Tess Stynes
Edac Technologies Corp. (EDAC) agreed to be acquired by an
affiliate of private-equity firm Greenbriar Equity Group LLC in a
deal valued at roughly $104.1 million that the aerospace and
industrial-components maker expects will be in the best interest of
shareholders.
Shareholders will receive $17.75 a share, an 8% premium to
Edac's Friday closing price.
Edac's board and executives, who have a combined stake of about
18.2%, agreed to tender their shares to the offer.
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 is expected to close in the second quarter.
Shares closed Friday at $16.44 and were halted in premarket
trading. The stock is up by a third this year.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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