CHESHIRE, Conn., April 24, 2013 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ: EDAC), announced today the extension of the current pending offer (the "Offer") by GB Aero Engine Merger Sub Inc. ("Purchaser"), a wholly-owned subsidiary of GB Aero Engine LLC ("Parent") and an affiliate of Greenbriar Equity Group, LLC, to acquire all of the outstanding shares of capital stock of EDAC. The extension changes the expiration of the Offer to 5 p.m. on Monday, May 6, 2013. The board of directors of EDAC recommends that shareholders tender their shares to Purchaser in the Offer.
EDAC also filed an amendment to its Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission. EDAC shareholders are advised to read the Solicitation/Recommendation Statement and any amendments thereto because they contain important information about the Offer. Shareholders may obtain a free copy of these materials at the SEC's website at www.sec.gov or by calling the Information Agent for the tender offer, Georgeson, at telephone number (800) 223-2064, or Glenn L. Purple, at EDAC Technologies Corporation, telephone number (860) 677-2603.
The extension of the Offer and the amendment to the Solicitation/Recommendation Statement were made pursuant to a Memorandum of Understanding entered into on behalf of EDAC, Parent and Purchaser, which outlines the terms of the parties' agreement in principle to a permanent release of all claims which were or could have been asserted in the actions pending in the Superior Court of the State of Connecticut, Judicial District of Hartford (the " Connecticut Court") captioned Cook v. EDAC Techs. Corp. et al., Case No. HHD-CV-13-6040269S, Crump v. EDAC Techs. Corp. et al., Case No. HHD-CV-13-6040430S, Walsh v. EDAC Techs. Corp. et al., Case No. HHD-CV-13-6040425S, and Randle v. EDAC Techs. Corp. et al., Case No. HHD-CV-13-6040679S, and in the Circuit Court of the State of Wisconsin, Dane County captioned Friedman v. EDAC Techs. Corp et al., Case No. 13-CV-1017. The terms of the proposed settlement are subject to approval by the Connecticut Court.
Stifel, Nicolaus & Company, Incorporated is serving as exclusive financial advisor and Robinson & Cole LLP and Godfrey & Kahn S.C. are serving as legal counsel to EDAC Technologies Corporation. Kirkland & Ellis LLP is serving as legal counsel to Greenbriar Equity Group LLC.