Counter-offer for Cirrus in Holding Pattern

An eleventh-hour attempt by aviation consultant Brian Foley to assemble investors to submit a counter-offer to the reported $210 million bid for Cirrus Aircraft has gone into a holding pattern. “The initial investor response was swift and encouraging,” Foley said today in a statement to the press. He has been assembling interested investors since mid-March. “We’ve since had time to follow up, and even contact those on our own aerospace investor list. While we continue to identify and vet more prospective investors, the general consensus thus far is to see first whether the Chinese offer currently on the table proceeds to fruition,” Foley noted. “There is some element of doubt on this, but many believe it probably will.  If it doesn’t, however, we have investors waiting to reevaluate the situation.  We acknowledge our investors’ viewpoint in following this approach.” According to Foley, other possible investor groups are also working on contingency plans for Cirrus.  “Some have been in contact with us, while others are more low-key. What’s important is knowing that the merits of our concept are [recognized] by others, which [we hope] boosts the odds of restoring Cirrus as an American-owned fixture.”

Tags: Cirrus

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