VIENNA, Va., Sept. 1 - The Allied Defense Group, Inc. (NYSE Amex: ADG) announced that it completed the previously announced sale of substantially all of its assets to Chemring. Chemring paid approximately $59.6 million in cash and assumed certain specified liabilities in exchange for all of the capital stock of Mecar sprl (formerly Mecar SA), a wholly owned subsidiary of ADG, and substantially all of the assets of Mecar USA, Inc., another wholly owned subsidiary of ADG.
ADG has no significant operating assets as a result of the asset sale. As previously announced, ADG will reconvene the adjourned special meeting of its stockholders at 10:00 a.m. on September 30, 2010 at 8000 Towers Crescent Drive, Suite 260, Vienna, Virginia 22182 in order to vote on a proposal to dissolve ADG.
In connection with the consummation of the asset sale, the Board of Directors of ADG now consists of Major General (Ret.) John G. Meyer, Jr. and Charles S. Ream. The other directors, including CEO Major General (Ret.) John J. Marcello, resigned upon the consummation of the asset sale.
Houlihan Lokey acted as ADG's financial advisor on the asset sale and provided ADG's board of directors with a fairness opinion. Baxter, Baker, Sidle, Conn & Jones, P.A. and Hogan Lovells US LLP served as ADG's legal advisors.
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Source: The Allied Defense Group, Inc.
Web Site: http://www.allieddefensegroup.com/