An investment group led by Jorge Carnicero, chairman of DynCorp, a McLean-based high-technology company, yesterday said it and other partners are considering a plan to acquire control of the company and take it private.
In a filing with the Securities and Exchange Commission, a group called B, C & C Partnership, which has a 10.6 percent stake in DynCorp and is controlled by Carnicero, said it is reviewing its alternatives and will try to formalize a proposal to acquire all of DynCorp's outstanding stock.
DynCorp, which has more than 15,000 employes, has a market value of $171.5 million based on 10.8 million shares outstanding and yesterday's closing price of $15.87 1/2, which was unchanged from Monday's close.
The company, previously called Dynalectron Corp., had profits of $13.1 million last year on revenue of $749.1 million and was the 13th-largest publicly traded company in the Washington area.
Carnicero, who was the largest stockholder in Riggs National Bank until 1981, said yesterday that he controls 99.5 percent of B, C & C.
In his filing with the SEC, he said that the price and other terms of the proposal have not yet been determined, but that he anticipates the participation of DynCorp management. The decision on whether to proceed with a proposal will depend on the availability of financing, the price of DynCorp stock and agreements among participants, the partnership's filing said.
The partnership said it first acquired a stake in DynCorp in 1980 for investment purposes. The groupcurrently holds 1.1 million common shares of DynCorp.
DynCorp provides missile range and space data services, aircraft and missile modification, maintenance and other technical services to the government.
In addition to the partnership's stake, Carnicero personally owns 22,981 shares of the company's stock and has options to buy as many as 40,271 additional shares.
Financier Victor Posner disclosed earlier this year that he had acquired 7.4 percent of DynCorp's stock.