MidOcean Partners And PSP Investments Withdraw Proposal to Acquire EDAC for $18.25/Share

EDAC Technologies Corporation

today announced that on April 7, 2013, MidOcean Associates SPC, an affiliate of MidOcean Partners, and Public Sector Pension Investment Board, or PSP, informed EDAC that they were withdrawing their previously-announced unsolicited proposal to acquire all of the outstanding shares of EDAC common stock at $18.25 per share. As previously announced, on March 26, 2013, GB Aero Engine Merger Sub Inc. commenced a cash tender offer for all of the outstanding shares of common stock of EDAC at a price of $17.75 per share.  On that same day, the board of directors of EDAC unanimously recommended that EDAC's shareholders accept the offer by GB Aero Engine Merger Sub Inc. and tender their shares of EDAC common stock pursuant to such tender offer.  On March 28, 2013, the board of directors of EDAC received MidOcean's and PSP's unsolicited acquisition proposal.  On March 29, 2013, EDAC announced that it intended to engage in discussions with MidOcean and PSP regarding their acquisition proposal in order to more fully evaluate their proposal