The Moon-based Michael Baker Corp. announced today that an outside firm has offered to acquire Baker at $24.25 per share.
Private equity investment firm DC Capital Partners has proposed that the firm KS International LLC, in which DC Capital has a controlling interest, is prepared to "immediately negotiate and execute definitive agreements," toward the acquisition, according to a statement from Baker.
In a letter to the Baker Corp., DC Capital states it is in discussions with investment banks and other financial institutions and "expects to have fully executed, underwritten financing commitments in the near future."
Baker's board of directors will review the proposal and "respond in due course," according to its statement.
Engineering, design and planning firm Michael Baker Corp. maintains 100 offices throughout the country, including a headquarters on Airside Drive in Moon Township.