MidOcean, Canadian Fund Withdraw $97M EDAC Bid

Law360, Los Angeles (April 8, 2013, 8:22 PM EDT) -- An affiliate of private equity firm MidOcean Partners and Canada's Public Sector Pension Investment Board ditched a $97 million offer on Sunday to buy EDAC Technologies Corp. just 10 days after they made it, the aerospace and industrial manufacturer said Monday.

EDAC didn’t say why MidOcean Associates SPC and the pension fund withdrew their March 28 proposal to buy all of EDAC’s outstanding shares for $18.25 per share, but said in a statement its board had circled back to a $17.75-per-share bid that Greenbriar Equity Group...
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