One of the leading private equity firms in the market today, MidOcean partners has recently announced its proposal to acquire all the outstanding shares of EDAC for US$18,25 per share in cash. The proposal has been forwarded to the directors of EDAC Technologies.

This proposal provides for a US$0.50 per share premium to the price of nearest bidder for the same shares, GB Aero Engine LLC. GB Aero is an affiliate of Greenbriar Equity Group. The proposal of MidOCean is made jointly with an unnamed North American pension plan investment manager that is not subjected to a financing condition. 

In its letter, MidOcean together with its partner stated, "We have full confidence that the board of directors of EDAC Technologies will see the merits and strength of our proposal and determine that it is a 'superior proposal' under their existing merger agreement with Greenbriar. We look forward to a constructive dialog with the board and to quickly reaching an agreement to acquire the company."