Los Angeles-based private investment company Aurora Capital Group agreed to acquire National Technical Systems (NTS) for USD 23 per share. The price would roughly put the total value of the deal at USD 266.8 million. The purchase offer price of USD 23 a share is at a 38.7% premium to NTS' most recent share price of USD 16.58. The two firms entered into an Agreement and Plan of Merger, which would privatize NTS once completed. The Merger Agreement would need to be approved by the shareholders of NTS. A Special Meeting of Shareholders to vote and approve the agreement would be held on or before October 31, 2013.
William C. McGinnis, President and CEO of NTS, said that the merger would benefit all employees, business partners and shareholders of the company. "We believe Aurora Capital Group, based on its proven expertise in many industries that are important to NTS, like aerospace, defense and transportation, to name just a few, is the right partner for us. We look forward to working closely with them and continuing to build a bright and prosperous future for NTS and all our stakeholders," he added.
NTS is an engineering services firm catering to the defense, telecommunications, aerospace, high technology and automotive markets.
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