DynCorp, which turned down a $270 million takeover bid two weeks before the stock market crashed, yesterday agreed to be taken private in a leveraged buyout worth $22 million less -- a victim of the recent slide in stock prices.

The $23-a-share leveraged buyout offer, made by a group that includes employes and several members of the McLean-based technology and services company's management, was the highest of several bids submitted to the company shortly after last month's market plunge, according to a DynCorp spokesman. On Oct. 8, the company turned down a $25-a-share bid from another management group.

"The board accepted the best offer available under the prevailing market conditions and economic outlook. That unfortunately turned out to be less than $24 a share," said Lee Parker, a spokesman for the firm.

When the earlier offer was rejected, he said, "the Dow Jones {industrial average} was 2600 and everything was roses. Wall Street estimates were {that} the company was worth more than $25 a share. ... The board really had no choice in order to exercise their fiduciary responsibility but to go to the market and get more bids."

Since then, however, the company's stock price slid from $24.62 1/2 to a low of $9. It closed yesterday at $17.87 1/2, down 75 cents from Friday.

The management group that agreed yesterday to buy the company is led by DynCorp President Daniel R. Bannister and several other executives. But it does not include Chairman Jorge Carnicero, who led the group that made the $25-a-share offer Oct. 8.

Parker said Carnicero had decided not to make another bid for the company, and had voted in favor of the new offer.

Carnicero said in an interview yesterday that he thought the Bannister offer was a "good bid." He said he had decided not to make another offer because the Bannister deal offered more favorable tax treatment through the formation of an employe stock ownership plan to purchase the company. Carnicero currently is the company's largest shareholder, with 1.2 million shares.

Sources said DynCorp's board rejected Carnicero's offer last month and decided to seek other bids because shareholders had filed several suits in Delaware Chancery Court to force DynCorp to negotiate with all interested parties.

Sources also said the directors were unhappy with actions by Carnicero to put a short-term deadline on his offer and to demand a $7.9 million "bust-up fee" in the event that the board decided to sell the company to someone else.

The offer accepted yesterday was chosen over bids from several other suitors Parker declined to identify. "The recommendation of the outside committee of directors to the full board was unanimous to accept management's offer and the full board's vote on that was unanimous," Parker said.

Under the terms of the acquisition, the Bannister group will pay each DynCorp shareholder a total of $23 -- $19.50 in cash and $3.50 in a new issue of DynCorp debentures.

One prominent DynCorp shareholder who could benefit from the transaction is Miami financier Victor Posner, who owns 10 percent of the company's 10.8 million shares.

Posner, who has said he owns the stock for investment purposes only, has been trading in DynCorp shares in recent days in an effort to reduce the average price he paid for each share. On Oct. 20, for instance, he bought an additional 95,000 shares for between $9.50 and $12.15 each, which would give him a hefty profit under the accepted $23-a-share offer.

Posner -- who also had been rumored as a potential bidder for the company -- could not be reached for comment yesterday, and a spokeswoman declined to comment on the status of Posner's DynCorp holding.