No takers in Aerosonic's search for other buyers

CLEARWATER — After it didn't receive any offers during a 40-day “go-shop” period, Aerosonic Corp. will move forward with an offer to be acquired by TransDigm Group Inc.

On April 19, the two companies entered a definitive agreement, under which Cleveland-based TransDigm (symbol: TDG, recent price: $146.92) will acquire all outstanding share of Aerosonic for $7.75 per share, in a cash deal totaling $39 million. Under that agreement, Aerosonic (symbol: AIM) had a 40-day period to solicit other offers for the company.

According to a company statement, Aerosonic contacted 101 potential acquirers, none of which submitted a proposal to acquire the firm. The company did not receive any unsolicited offers during that time, either.