Michael Baker Assembles Committee Following Acquisition Offers
A Virginia firm has offered to take over the Moon Township engineering company.
The Michael Baker Corp.'s board of directors has created a committee to examine an acquisition offer from a Virginia private equity firm.
In December, DC Capital Partners offered to purchase the Moon township-based engineering firm at $24.25 per share in cash. A week after the offer was made public, Michael Baker shareholding firm Crescendo Partners urged the firm to put itself up for sale.
The company's committee will be advised by investment firm Houlihan Lokey and law firm Jones Day.
"The board has not placed any limitations on the committee's review and has not made any decision to review, or not review any possible alternatives at this time," according to the statement.
Michael Baker is headquarted on Airside Drive in Moon.