CDI Corp. To Be Acquired By AE Industrial Partners $8.25 Per Share - Quick Facts

(RTTNews) - CDI Corp. (CDI), a provider of engineering, information technology, and staffing solutions, said it has agreed to be acquired by affiliates of AE Industrial Partners, LLC, a private equity investor specializing in aerospace, power generation, and specialty industrial companies.

Pursuant to the agreement, AEI will acquire all of the outstanding shares of the company's common stock for $8.25 per share in an all-cash tender offer and follow-on merger.

The agreement was unanimously approved by CDI's board of directors following a review of strategic alternatives announced by the company in March 2017. In addition, shareholders representing 26 percent of shares outstanding have entered into tender and support agreements.

Under the terms of the agreement, AEI will commence a tender offer to purchase all of the outstanding shares of CDI's common stock for $8.25 per share in cash. The purchase price represents a 33 percent premium to the closing price of $6.20 on July 28th.

The transaction, which is expected to close in the third quarter of 2017, is conditioned upon, among other things, satisfaction of a minimum tender condition. There are no financing conditions associated with the proposed agreement.