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CLEARWATER — After it didn't receive any offers during a 40-day “go-shop” period, Aerosonic Corp. will move forward with an offer to be acquired by TransDigm Group Inc.
On April 19, the two companies entered a definitive agreement, under which Cleveland-based TransDigm (symbol: TDG, recent price: $146.92) will acquire all outstanding share of Aerosonic for $7.75 per share, in a cash deal totaling $39 million. Under that agreement, Aerosonic (symbol: AIM) had a 40-day period to solicit other offers for the company.
According to a company statement, Aerosonic contacted 101 potential acquirers, none of which submitted a proposal to acquire the firm. The company did not receive any unsolicited offers during that time, either.
The Aerosonic board has already recommended that the company's shareholders accept TransDigm's offer, which expires June 4.
Aerosonic designs and makes aircraft parts for commercial and military aircraft. In April, Cleveland-based TransDigm, which also makes aircraft components, said the acquisition would allow it to take advantage of Aerosonic's proprietary air data and display technologies.
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