Greenbriar Equity Group disclosed through an announcement released today that the subsidiary corporation of GB Aero Engine LLC and a partner of Briar, GB Aero Engine Merger will give interested acquirers of EDAC Technology's outstanding shares of common stock until 5:00pm EDT of May 6, 2013 to finalize their offers. The deadline maybe extended further depending on the results of the May 6 deadline.
The deadline was extended to give investors ample time to review the revised disclosure in the amended Solicitation/Recommendation Statement on Schedule 14D-9 of EDAC. Besides this amendment, other terms and conditions of the tender offer remain the same. The earlier deadline was set at 5:00pm EDT of April 30, 2013.
On March 2013 it was disclosed GB Aero Engine had already agreed to purchase EDAC at an agreed value of US$100 million. According to the Wall Street Journal, it was reported that MidOcean Partners submitted a counter offer of $105 million but later on withdrew the offer.
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