Waiting period ends for Engility tender offer
The Federal Trade Commission has cut short a required antitrust waiting period on Engility Holdings Inc.'s plans to acquire Dynamics Research Corp. (DRC).
Engility Holdings Inc., a Chantilly-based government services contractor , announced on Dec,. 30 that it has initiated a tender offer to buy DRC’s stock for $11.50 a share in cash.
DRC is a management consulting and information technology company based in Andover, Mass.
Engility was spun off from New York-based defense contractor L-3 Communications last summer. The government contractor provides a variety of services including information technology and logistics management. It has about 7,000 employees worldwide and had revenuer of $1.6 billion in 2012.
Expiration of waiting period required under the Hart-Scott-Rodino Antitrust Improvements satisfies one of the conditions of the completion of the tender offer.
The tender offer is scheduled to expire on Tuesday, Jan. 28 at midnight, New York City time, unless the offer is extended.