After months of boardroom turmoil, Michael Baker Corp. said on July 29 it would take a $397-million buyout offer from an affiliate of DC Capital, a private-equity firm and shareholder that had offered to buy the Pittsburgh-based engineer late last year for $233 million.
Baker says the $40.50-per-share cash offer was a 37% premium on its $29.60 closing share price on July 26.