Engility Finalizes Cash Tender Offer for DRC; Jim Regan Comments

acquisitionEngility Holdings (NYSE: EGL) has completed a cash tender offer to acquire Dynamics Research Corp. (NASDAQ: DRCO) for $11.50 each.

Eighty-six percent of DRC’s common stock or 9, 025, 528 shares have been tendered in the tender offer that expired Tuesday midnight, New York City time, Engility said Wednesday.

Jim Regan, DRC’s chairman and CEO, noted when the deal was first announced that his company sought out an opportunity for differentiation in the pure-play services market through the acquisition.

Chantilly, Va.-based Engility is buying out DRC through a merger process guided by Massachusetts law. The transaction is scheduled to wrap up by Friday.

Check Also

Steve Worley, Chris Emerson Named to HawkEye 360 Board

Defense industry leaders Steve Worley and Chris Emerson have joined the board of directors of HawkEye 360, a Herndon, Va.-based radio frequency data analytics company.

General Atomics Buys IJK Controls to Drive UAS Tech Expansion

General Atomics has bought the intellectual property, facilities and other assets of Pasadena, Calif.-based gimbal maker IJK Controls for an undisclosed sum to add payload stabilization technology to the former's unmanned aircraft system offerings.