MidOcean Partners Offers 18.25/Share to Acquire EDAC Technologies

MidOcean Partners (through one of its affiliates), a leading private equity firm, today announced that it has made a proposal to the board of directors of EDAC Technologies Corporation EDAC to acquire all of the outstanding shares of EDAC for $18.25 per share in cash.  The proposed transaction represents a $0.50 per share premium to the price offered by GB Aero Engine LLC, an affiliate of the Greenbriar Equity Group, in a transaction announced on March 18, 2013. It also represents a 23.2% premium to the average closing per share price of EDAC over the 30 trading days ending March 15, 2013 which precede the announcement of the deal with Greenbriar.  The proposal, which is being made jointly with a large North American pension plan investment manager, is not subject to a financing condition. In its letter to the board of directors of EDAC, MidOcean and its co-investor have stated that they would be prepared to enter into an agreement to acquire EDAC on terms that are See full press release