Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of EDAC Technologies Corporation (“EDAC” or the “Company”) (NASDAQ: EDAC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC, in a cash deal valued at approximately $104.1 million. Under the terms of the proposed transaction, EDAC’s stockholders will receive $17.75 for each share of EDAC common stock they own. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.
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The investigation focuses on whether EDAC’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of EDAC’s shareholders.
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