MidOcean Partners bids $97M for manufacturer EDAC
MidOcean Partners, unnamed pension fund bid $97M for EDAC, topping Greenbriar offer
NEW YORK (AP) -- Private equity firm MidOcean Partners has offered to buy aerospace and industrial manufacturer EDAC Technologies Corp. for about $97 million, topping a bid from another private equity firm, Greenbriar.
MidOcean said Thursday that it made the bid with a partner, a North American pension plan investment manager that it didn't name.
MidOcean and its unidentified partner are offering $18.25 per share for EDAC. Last week, EDAC agreed to be acquired by Greenbriar Equity Group LLC for $17.75 per share. Greenbriar said Tuesday that its tender offer had begun.
Executives and board members who together own about 18 percent of the Farmington, Conn., company's stock had agreed to sell their shares to Greenbriar.
A message left requesting comment from EDAC was not immediately returned.
EDAC stock closed Wednesday at $17.72 per share, up 7.8 percent from the last trading day before Greenbriar's bid was announced.
EDAC has about 5.3 million shares outstanding, according to FactSet.
