S.A.C. to vote against Edo, ITT merger

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Edo Corp. investors led by S.A.C. Capital Advisors, LLC believe the $56-per-share consideration is inadequate in Edo's proposed merger with ITT Corp., according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons intend to vote the shares of common stock held by SAC Associates and CR Intrinsic Investments against the proposed merger.

The investors, with a 9.4% stake in the company, came to their conclusion following a review of Edo's definitive proxy statement.

As previously reported, Edo will hold a special meeting of shareholders on Dec. 18 to vote on the company's merger with ITT Corp. and its subsidiary, Donatello Acquisition Corp.

New York-based Edo designs and manufactures products for aerospace, defense, intelligence and commercial markets.

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