Banner Aerospace Announces Sale of Solair, Its Largest Rotables Subsidiary.DULLES, Va.--(BUSINESS WIRE)--Dec. 7, 1998--Banner Aerospace (NYSE NYSE See: New York Stock Exchange : BAR) announced today that it has signed a definitive agreement to sell the stock of its wholly-owned subsidiary, Solair, Inc., a distributor of aircraft rotables, to Kellstrom Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : KELL). The purchase price is approximately $57 million in cash and a warrant to purchase 300,000 shares of Kellstrom common stock at $27.50 per share. Banner expects to realize a book loss of approximately $12.5 million from the sale. The transaction is subject to approval under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the and is expected to close by December 31, 1998. Jeffrey Steiner Jeffrey Steiner, b. March 31, 1937, is the chief executive officer of the Fairchild Corporation, the successor corporation of Fairchild Industries,Inc. a Sherman Fairchild company. [1] References 1. ^ https://www.fundinguniverse. , Banner's chief executive officer, said, "The proceeds received in this transaction will further enhance our liquidity and ability to consider other merger and acquisition strategies." Banner Aerospace is a diversified diversified (di·verˑ·s family of companies providing the aviation community with reliable, single source solutions through a global distribution network delivering aerospace parts and services to the commercial, regional and corporate aftermarkets of the aviation industry. |
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