Private equity firm MidOcean Partners and Public Sector Pension Investment Board (PSP) have withdrawn their $18.25 per share offer for aerospace and industrial components maker EDAC Technologies Corporation.
The offer, which valued the business at $97m, was submitted on March 28 just two days after EDAC’s board of directors accepted a $17.75 per share bid from GB Aero Engine Merger Sub, an affiliate of Greenbriar Equity Group.
EDAC then entered talks with MidOcean and PSP to “establish whether the offer constituted a superior proposal”.
The talks are now over and EDAC continues to recommend the offer from GB Aero Engine.
New York-based Mid Ocean is currently investing through its third buyout fund, a 2007-vintage vehicle that closed with commitments of $1.35bn.
Back in January the firm made a significant undisclosed equity investment in System One and bought a majority equity position in Agilex Flavors & Fragrances.
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