NEW YORK -- An investor group that included the chairman of DynCorp Wednesday withdrew its two-week-old, $24-a-share bid to acquire the McLean, Va.-based concern.
The bid valued DynCorp, which changed its name from Dynalectron Corp. in May, at $230.4 million, based on 9.6 million shares outstanding.
The investor group said in a statement released in New York that because DynCorp had failed to respond to the Sept. 21 proposal, it had 'no alternative but to withdraw its acquisition proposal.'
Dyncorp earned $1.3 million, or 12 cents a share, in the first half of 1987 on revenues of $413.4 million, compared with $3.5 million, or 35 cents a share, on $348.2 million in revenues in the first half of 1986.
The company provides various contracting, technical and support services to governmental, domestic and foreign clients.
DynCorp gained 87.5 cents to close at $25 in trading on the New York Stock Exchange Wednesday.
