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Greenbriar Affiliate Extends Tender Offer for EDAC After Weak Response

An affiliate of private-equity firm Greenbriar Equity Group LLC has extended its tender offer to acquire EDAC Technologies Corp. (EDAC), after receiving a weak response.GB Aero Engine LLC has extended the offer deadline to April 30 from April 23. As of Monday, it had received tender for about 34% of EDAC's outstanding shares.In March, EDAC agreed to be acquired by GB Aero Engine in a deal valuing it at roughly $100 million. Holders will receive $17.75 a share. EDAC's board and executives, who have a combined stake of about 18.2%, agreed to tender their shares to the offer.Later that month, MidOcean Partners, along with Public Sector Pension Investment Board, made a bid for Edac that valued the aerospace and industrial-components maker at about $105 million, looking to trump the existing deal. But MidOcean later withdrew its bid for EDAC for undisclosed reasons.EDAC has two business segments, its aerospace segment and the industrial division, which includes its Apex Machine Tool and EDA...

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  1. Pratt & Whitney says drive to lower F-35 costs "burned in our brain"

    The head of Pratt & Whitney's military engine business said on Wednesday that driving down the cost of the F-35 fighter jet was "burned in our brain," but cuts spark...

  2. Pratt & Whitney uncovers fraudulent engine-testing scheme: WSJ

    Pratt & Whitney, a subsidiary of United Technologies Corp , uncovered a fraudulent scheme of testing engine parts by another unit of United Tech, the Wall Street Jou...

  3. U.S. general's Australian outburst could undermine F-35 program

    An outburst in Australia this week by the Pentagon's chief buyer for the costly F-35 Joint Strike Fighter risks undermining the program at home and abroad, U.S. defe...

  4. Australian lawmakers confident in F-35's future

    Australia's conservative opposition, which is expected to win elections in September, said on Thursday it supported Lockheed Martin's troubled F-35 to be the country...

  5. Pentagon F-35 program chief lashes Lockheed, Pratt

    The Pentagon program chief for the F-35 warplane slammed the main contractors on the program, Lockheed Martin and Pratt & Whitney, on Wednesday, accusing them of try...

  6. Pratt rules out worst-case cause for F-35 blade crack: sources

    Pratt & Whitney is 99 percent sure the fan blade problem that grounded the Pentagon's 51 new F-35 fighter jets was not caused by high-cycle fatigue, which could forc...

  7. Pentagon suspends F-35 flights due to engine blade crack

    The Pentagon on Friday suspended the flights of all 51 F-35 fighter planes after a routine inspection revealed a crack on a turbine blade in the jet engine of an F-3...

  8. Pentagon suspends all F-35 flights due to crack in engine blade

    The Pentagon on Friday suspended the flights of all F-35 fighter planes after a routine inspection revealed a crack on a turbine blade in the jet engine of an F-35 t...

  9. Defense CEOS Met Obama Aides On Looming Cuts

    Top economic aides for President Barack Obama met Wednesday with several chief executives of defense firms to discuss looming across-the-board spending cuts for the ...

  10. Brazil's Embraer Picks Honeywell for Avionics on Updated Jets

    Brazilian plane maker Embraer SA (EMBR3.BR, ERJ) said Monday that it had chosen Honeywell International Inc. (HON) to supply aviation electronics for its next genera...

  11. Faulty F-35 fuel lines to be scanned in U.S. instead of Britain

    Faulty fuel lines blamed for the grounding of the Marine Corps version of the Lockheed Martin Corp F-35 fighter jet will likely undergo third-party inspections in th...

  12. Faulty manufacturing seen behind F-35B grounding

    Pentagon and industry officials said on Monday a manufacturing problem was the most likely cause of an engine failure that led to the grounding of all 25 Marine Corp...

  1. United Tech Posts 1Q Miss

    United Technologies (NYSE:UTX) said Tuesday its profit soared in the first quarter amid higher sales in its defense and aerospace businesses, but the company missed ...

  2. Edac Technologies Agrees To Acquistion by Greenbriar Equity Valued at $104.1 Million

    Edac Technologies Corp. (EDAC) agreed to be acquired by an affiliate of private-equity firm Greenbriar Equity Group LLC in a deal valued at roughly $104.1 million th...

  3. Boeing selects GE as sole engine partner on next 777 plane

    Boeing on Friday chose General Electric Co as its sole engine partner for the forthcoming 777X, indicating that the U.S. aircraft maker was going ahead with the next...

  4. Japan jets into regional plane market, eyes more Boeing business

    The venture building the Mitsubishi Regional Jet (MRJ), Japan's first commercial aircraft in half a century, predicts the market for 70-90-seat jets could be as many...

  5. Pentagon needs $12.6 billion per year through 2037 for F-35: report

    The Pentagon needs to budget $12.6 billion each year through 2037 to finish developing and paying for all the Lockheed Martin Corp F-35 fighters it plans to buy, acc...

  6. Boeing to Seek Board Approval to Offer Upgraded 777X

    Boeing Co. (BA) is likely to seek approval from its board as soon as next month to sell a new version of its 777 jetliner, according to people familiar with the plan...

  7. Pilots start F-35 training flights as Pentagon report pans jet

    Some students in the U.S. Air Force's F-35 fighter pilot school took their first flights on Wednesday in the new radar-evading jet as a report by the Pentagon's chie...

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