Michael Baker receives acquisition proposal

PITTSBURGH — Michael Baker Corporation said that it has received a letter from DC Capital Partners proposing that KS International, LLC, in which DC Capital has a controlling interest, acquire Baker at $24.25 per share in cash and is prepared to immediately negotiate and execute definitive agreements. The letter also states that DC Capital is in discussions with investment banks and other financial institutions and expects to have fully executed, underwritten financing commitments in the near future.

Baker said its Board of Directors will review the proposal and respond in due course.