BUYOUT OF EDAC - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
March 18, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to investigate the acquisition of EDAC Technologies Corp. EDAC announced it has entered into a definitive agreement to be acquired by GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC, for $17.75 per share in cash, Under the terms of the agreement, EDAC shareholders will receive $17.75 in cash for each share of EDAC common stock. Management and the Board of EDAC, who own 18% of the company's shares, are tendering their shares in favor of the transaction.
The investigation concerns whether the board and management of EDAC are breaching their fiduciary duties by not obtaining the highest price possible for shareholders, while, at the same time, negotiating lucrative pay packages and other benefits for themselves that are not being shared by the common stockholders.
If you are a shareholder of EDAC and would like additional information concerning this transaction and your rights as a shareholder, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy