Michael Baker Corporation offers its clients engineering works and designs. Today, Michael Baker Corporation said that it has entered into a definitive acquisition deal with Integrated Mission Solutions LLC (IMS) which is also an affiliate of DC Capital Partners, LLC. The agreement was voted unanimously by the board of directors in the company. The agreement stated that the company's shareholders will receive US$40.50 in cash per share piece. The transaction is worth US$396.9 million. Each share piece represented a 37% premium to Baker's closing price on July 26, 2013.
The agreement also stipulated that a subsidiary of IMS would initiate a tender offer. The said offer was for the acquisition of all the outstanding common shares of Michael Baker Corporation. The board of directors of the company also approved this part of the agreement unanimously. Further, the agreement stated that the shares which were not included in the offer will be bought in a merger under the same price of the tendered offer.
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