Check the dates; interesting coincidence, no?
Spotlight New York January 27, 2000
Donaldson Lufkin fund to buy DeCrane Aircraft for $172.5 million
Donaldson, Lufkin & Jenrette Inc. said its merchant banking group fund will buy aerospace electronics maker DeCrane Aircraft Holdings Inc. for $172.5 million, or $23 a share.
DeCrane's shares jumped 5 1/6 to 22 11/16 in early trading on the news. The offer represents a 30 percent premium to DeCrane's closing price yesterday. DLJ's shares fell 1 5/16 to 59 5/16.
Donaldson Lufkin, a leading securities and investment-banking company, will buy DeCrane through its affiliate DLJ Merchant Banking Partners II. DeCrane Aircraft had its initial public offering at $12 a share in April 1997. Its sales last year were $108.9 million.
DeCrane makes components used in planes for cabin temperature control, lighting and inflight telecommunications systems. DLJ intends to expand DeCrane Aircraft's business through internal investment and acquisitions, said Thompson Dean, managing partner of DLJ Merchant Banking.
``We are excited to invest in a company with such rapid growth prospects and industry-leading products,' Dean said. ``We look forward to providing management with the capital to aggressively grow these businesses.'
DeCrane Aircraft's board voted unanimously to recommend that its shareholders accept the offer, the companies said.
Separately, DLJ said it would raise as much as $300 million of equity through a private sale of newly issued stock to its parent companies, Equitable Companies Inc. and France's AXA Group.
--Bloomberg
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