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The eBearing News
July 22, 2005
Kaman Buyout Progressing
copyright © 2005 eBearing Inc.
Kaman Corporation (USA) reported developments in its ongoing ownership / recapitalization
negotiations.
In June, the founding and controlling owner Kaman family formally presented an ownership
and stock recapitalization proposal, which then developed into a buyout offer by
New York - based Mason Capital Management.
article: Kaman embroiled in likely change of controlling ownership
The company's board of directors submitted the Mason Capital proposal to arbitration, and the arbiter
has now ruled that the Mason buyout proposal is a valid option.
Kaman Corp. now has five days in which to decide if it will make a counter offer, equivalent to
at least $55.65 for each share of class B common stock. When the recapitalization process first began,
the Kaman family valued its voting class B shares at less than a third of that current bid.
If the corporation decides to go forward and make a $55.65 offer for those shares, the Kaman family
has agreed to support it first, above any equivalent offer from Mason Capital.
Kaman is a diversified industrial product manufacturer and distributor. Important market segments are
dedicated to military, aerospace and industrial products, including parallel aftermarket replacement
product markets. Founder Charles Kaman and his son, Charles II, jointly control 48% of the company's
outstanding B shares. Paul Kuhn serves as Chairman, President and CEO.
Kamatics and RWG are the company's proprietary aircraft bearing businesses, operating within the
Aerospace Segment.
With bearing operations in Bloomfield, Connecticut, and RWG in Dachsbach, Germany, Kamatics bearings
reported record sales and earnings for 2004, with 2005 results forecast to be even higher. First quarter
bearing sales were $23.0 million, up from $19.8 million in first quarter 2004.
Kaman Industrial Distribution, with over 200 branches, is North America's third-largest industrial
distributor. There, bearings represent fully 29% of overall sales.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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