Baker Receives Proposal from DC Capital
PITTSBURGH--(BUSINESS WIRE)-- Michael Baker Corporation (NYSE MKT: BKR) today said that it has received a letter from DC Capital Partners proposing that KS International, LLC ("KSI"), in which DC Capital has a controlling interest, acquire Baker at $24.25 per share in cash and is prepared to immediately negotiate and execute definitive agreements. The letter also states that DC Capital is in discussions with investment banks and other financial institutions and expects to have fully executed, underwritten financing commitments in the near future.
Baker's Board of Directors will review the proposal and respond in due course.
Michael Baker Corporation (www.mbakercorp.com) provides engineering, design, planning and construction services for its clients' most complex challenges worldwide. The firm's primary business areas are architecture, aviation, defense, environmental, geospatial, homeland security, municipal & civil, oil & gas, rail & transit, telecommunications & utilities, transportation, urban development and water. With more than 3,000 employees in over 100 offices across the United States, Baker is focused on creating value by delivering innovative and sustainable solutions for infrastructure and the environment.
(The above information contains forward-looking statements concerning our future operations and performance. Forward-looking statements are subject to market, operating and economic risks and uncertainties that may cause our actual results in future periods to be materially different from any future performance suggested herein. Factors that may cause such differences include, among others: the events described in the "Risk Factors" section of our 2011 Form 10-K; increased competition; increased costs; changes in general market conditions; changes in industry trends; changes in the regulatory environment; changes in our relationship and/or contracts with the Federal Emergency Management Agency ("FEMA"); changes in anticipated levels of government spending on infrastructure; changes in loan relationships or sources of financing; changes in management; changes in information systems; and divestitures and acquisitions. Such forward-looking statements are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.)
Michael Baker Corporation
David Higie, 412-269-6449
KEYWORDS: United States North America District of Columbia Pennsylvania
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