It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
April 12 (Bloomberg) -- Cerberus Capital Management LP, the private-equity firm whose takeover of Chrysler Corp. ended in bankruptcy, agreed to buy defense contractor DynCorp International Inc. for about $1 billion.
Cerberus, run by Steve Feinberg, will pay $17.55 a share, Falls Church, Virginia-based DynCorp said today in a statement. The price is 49 percent more than DynCorp’s closing share price on the New York Stock Exchange on April 9. The deal, expected to close in the third or fourth quarter, is valued at $1.5 billion including the assumption of debt.
DynCorp, which helps train Iraqi police and supports the U.S.’s operation of military bases, is at least the fifth government-services investment that Cerberus has made since 2000, according to data compiled by Bloomberg. Cerberus owns government contractors including IAP Worldwide Services Inc., Tier 1 Group and Radia Holdings Inc.
Cerberus, (pronounced /ˈsərb(ə)rəs/; Greek form: Κέρβερος, [ˈkerberos]) in Greek and Roman mythology, is a multi-headed hound (usually three-headed) which guards the gates of Hades, to prevent those who have crossed the river Styx from ever escaping. Cerberus featured in many works of ancient Greek and Roman literature and in works of both ancient and modern art and architecture, although, the depiction and background surrounding Cerberus often differed across various works by different authors of the era. The most notable difference is the number of its heads: Most sources describe or depict three heads; others show it with two or even just one; a smaller number of sources show a variable amount, sometimes as many as 50.