Michael Baker Confirms Offer from KS Int'l at $24.25/Share, to Review Bid

Michael Baker Corporation

today said that it has received a letter from DC Capital Partners proposing that KS International, LLC ("KSI"), in which DC Capital has a controlling interest, acquire Baker at $24.25 per share in cash and is prepared to immediately negotiate and execute definitive agreements. The letter also states that DC Capital is in discussions with investment banks and other financial institutions and expects to have fully executed, underwritten financing commitments in the near future. Baker's Board of Directors will review the proposal and respond in due course.