One of the two companies offering to buy Farmington aerospace manufacturer Edac Technologies has dropped out of the running.
MidOcean Partners, which was offering the higher price of $18.25 per share, has withdrawn its unsolicited buyout attempt, Edac announced on Monday.
The Edac board of directors is continuing to recommended the $104 million buyout attempt by Wall Street firm Greenbriar Equity Group, which is offering $17.75 per share.
Greenbriar made the initial attempt at Edac, which included already securing the 18.2 percent of the company owned by the members of the board and senior executives.
MidOcean made its attempt more than a week later with the higher offer. Edac’s board was in discussions with MidOcean on whether this offer was superior to the Greenbriar attempt, but those discussion have stopped since MidOcean withdrew its name from the running.
The Greenbriar offer expires April 23.
