Santa Ana-based aerospace and defense company Ducommun Inc. (NYSE: DCO) said it had rejected an unsolicited, non-binding “indication of interest” from private investment firm Albion River LLC.
Ducommun said in a statement the “proposal undervalues Ducommun and does not fully reflect the Company’s proven, long-term growth initiatives.”
Albion offered to acquire all outstanding shares of Ducommun for $60 per share in cash, the Santa Ana-based company said in the statement. The buyout would have valued the company at more than $878 million, according to MarketWatch.
Ducommun shares today closed at $53.34 each for a market cap of $781 million.
