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EDAC to Enter Into Discussions With MidOcean Partners Regarding $18.25/Share Offer


EDAC Technologies Corporation (NASDAQ: EDAC) today announced that on March 28, 2013, MidOcean Partners, through one of its affiliates, publicly announced an unsolicited non-binding proposal to acquire EDAC for $18.25 per share, jointly with a large North American pension plan investment manager. That same day, EDAC's board of directors received a joint letter dated March 27, 2013 from MidOcean Associates SPC and Public Sector Pension Investment Board, or PSP, regarding MidOcean's and PSP's acquisition proposal.

The letter from MidOcean and PSP indicated that their joint proposal is subject only to confirmatory due diligence (which MidOcean and PSP indicated can be completed on a highly expedited basis) and the execution and delivery of a definitive merger agreement. The letter further stated that the proposal requires no further external approvals, that it is not subject to any financing contingencies and that MidOcean and PSP are prepared to negotiate a merger agreement and related agreements substantially similar to, and at least as favorable in the aggregate to EDAC as, those contained in the merger agreement that

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