Engility 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.