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CDI

Acquired 9/17

$6.20

0.05 (0.81%)

08:48
07/31/17
07/31
08:48
07/31/17
08:48

CDI Corp. to be acquired by AE Industrial Partners for $8.25 per share in cash

CDI Corp. announced that it has entered into a definitive agreement to be acquired by affiliates of AE Industrial Partners. 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 the Company's Board of Directors following a review of strategic alternatives that the Company announced in March 2017. In addition, shareholders representing 26% of shares outstanding have entered into tender and support agreements. Under the terms of the agreement, AEI will commence a tender offer to purchase any and all of the outstanding shares of CDI's common stock for $8.25 per share in cash. The purchase price represents a 33% premium to the closing price of $6.20 on July 28th and a 36% premium to the average closing price for the last 30 trading days of $6.06. Upon completion of the transaction, CDI will become a privately held company. 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, regulatory filings, and other customary closing conditions. There are no financing conditions associated with the proposed agreement.

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