Willis Lease Finance Corporation (NASDAQ:WLFC) Files An 8-K Other Events
Item 8.01 Other Events
Willis Lease Finance Corporation (the “Company”) is furnishing the following information that management intends to provide in one or more meetings with current and potential investors during the week of February 9, 2020.
The independent committee, established previously by the Board of Directors of the Company to review, evaluate and negotiate any proposal from the Company’s Chief Executive Officer and largest investor (individually and together with an entity controlled by him, the “Willis Parties”) and the Company’s Senior Vice President, Corporate Development (together with the Willis Parties, the “Group”), is continuing to negotiate the terms of a merger agreement with the Group.
While the Group has not yet submitted a complete proposal for consideration by the independent committee, including indicative financing terms, it has indicated to the independent committee that it is targeting the acquisition of the shares based on an assumed purchase price of $62.50 per share. Consummation of any merger transaction will be subject to approval by the independent committee of the terms of a complete proposal submitted for consideration as well as the execution of definitive merger documentation.
The Company does not intend to disclose additional developments or provide updates on the progress or status of any potential transaction until the independent committee deems further disclosure is appropriate or required. In addition, there can be no assurance regarding the terms and details of any transaction, that any future proposal by the Group will be made, that any proposal made by the Group will be accepted by the independent committee or that any merger transaction will ultimately be consummated.
About Willis Lease Finance Corporation (NASDAQ:WLFC)
Willis Lease Finance Corporation along with its subsidiaries is a lessor of commercial aircraft engines. The Company operates through two business segments, such as Leasing and Related Operations, and Spare Parts Sales. The Leasing and Related Operations segment involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment, and the selective purchase and resale of commercial aircraft engines and other aircraft equipment. The Spare Parts Sales segment involves the purchase and resale of after-market engine and airframe parts, whole engines, engine modules and portable aircraft components, and leasing of engines destined for disassembly and sale of parts. Its lease portfolio consists of approximately 200 engines and related equipment, 10 aircrafts and five spare engine parts packages. The Company’s business activities also include equipment leasing and spare parts sales.
