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DynCorp Makes Pair of Financial Moves Tied to Cerberus Acquisition

DynCorp Makes Pair of Financial Moves Tied to Cerberus Acquisition - top government contractors - best government contracting event
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DynCorp Makes Pair of Financial Moves Tied to Cerberus Acquisition - top government contractors - best government contracting event
DynCorp's Bill Ballhaus

DynCorp (NYSE: DCP) has announced a pair of fiscal moves drawing it closer to buyer Cerberus Capital.

The firm’s stockholders approved a proposal to adopt the DynCorp’s merger agreement with the private investment firm Cerberus Capital Management.

According to the firm, “the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock, par value $0.01 per share, of the company (the ‘Common Stock’), was required to approve the proposal to adopt the merger agreement. According to the final tally of shares of Common Stock voted, approximately 88 percent of the outstanding shares of Common Stock of the Company as of the close of business on May 24, 2010 voted to approve the proposal to adopt the merger agreement.”

DynCorp CEO Bill Ballhaus was named a “Person to Watch” by ExecutiveBiz in 2009.

The firm also announced the extension of the expiration time for the previously announced cash tender offer.

This includes the “consent solicitation for any and all outstanding $376,219,000 aggregate principal amount of 9.5 percent Senior Subordinated Notes due 2013 (CUSIP No. 23326BAB0) (the ‘Notes’) of DynCorp International and DIV Capital Corporation.”

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