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SOURCE Brodsky & Smith, LLC
BALA CYNWYD, Pa., March 18, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of EDAC Technologies Corporation ("EDAC" or the "Company") (Nasdaq: EDAC) relating to the proposed acquisition by GB Aero Engine, LLC, an affiliate of Greenbriar Equity Group LLC, L.P. ("Kinder Morgan").
Under the terms of the transaction, EDAC shareholders will receive only $17.75 in cash for each share of EDAC stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of EDAC for not acting in the Company's shareholders' best interests in connection with the sale process to GB Aero Engine, LLC. The focus of the investigation is whether the EDAC Board of Directors breached their fiduciary duties by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction.
The transaction may undervalue EDAC as the Company has indicated that it has executed a strategic plan to achieve strong profitable growth by diversifying its business with prime and Tier-1 aerospace customers, transitioning their industrial business to move more full scale programs and complex parts, broadening its core competencies through selective acquisitions and improving efficiency company-wide. This has resulted in first quarter sales being increased 25% and gross profits being increased by 35% from the fourth quarter of 2011.
If you own shares of EDAC stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/555-edac-edac-technologies-corporation.html, by calling toll free 877-LEGAL-90.
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