MidOcean Makes Its Own Bid for EDAC Technologies

MidOcean Partners has made a proposal to the Board of Directors of EDAC Technologies (NASDAQ: EDAC) to acquire all of its outstanding shares for $18.25 per share. That represents a $0.50 per share premium over the tender offer submitted by Greenbriar Equity Group on March 26. EDAC is a Connecticut-based manufacturer serving the aerospace and industrial markets, with a product line that includes jet engine parts, fixtures, gauges, dies and molds, among other offerings. MidOcean's proposal represents a 23.2% premium. The offer was made jointly with a North American pension plan investment manager.

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