Convinced that he can round up enough U.S. investors to keep Cirrus Aircraft on American soil, consultant Brian Foley has began organizing a counter-offer in a bid to trump ChinaÕs plan to buy the Duluth, Minn.-based light aircraft builder from Bahraini majority owner Arcapita and the several hundred individual minority shareholders who currently own the company. When he made the announcement, Foley said he is Òconfident we can identify and combine enough qualified investors who value CirrusÕs promise as a distinctively American company.Ó That appears to have been proved true–at press time he told AIN that two individual investors and a third group of investors each have the financial backing, and the interest, to buy Cirrus outright. Though details of CirrusÕs pending sale to China were not made public, Foley expects the price to be in the $200 million-plus range.
Bizav Analyst Leads Cirrus Counter-offer Bid
- March 29, 2011, 10:20 AM