Announcements

SRZ Represents DynCorp International in Acquisition by Cerberus Capital Management

July 7, 2010

SRZ represented DynCorp International Inc. (“DynCorp International”), a leading global government services provider in support of U.S. national security and foreign policy objectives, in connection with its sale, for approximately $1.5 billion, including the assumption of debt, to affiliated funds and/or managed accounts of Cerberus Capital Management LP (“Cerberus”), one of the world's leading private investment firms. Under the agreement, DynCorp International’s stockholders received $17.55 in cash for each share of common stock they owned, representing a premium of approximately 49 percent, based on the closing trading price of $11.75 on April 9, 2010, and approximately 50 percent over the 90-day average closing trading price. Cerberus obtained fully committed financing for the transaction — a combination of equity financing from Cerberus and debt financing from Bank of America Merrill Lynch, Citigroup Global Markets Inc., Barclays Bank PLC, and Deutsche Bank Securities Inc. The merger agreement provided for a 28-day “go shop” period. DynCorp International’s largest stockholder agreed to vote its DynCorp International shares in favor of the transaction representing approximately 34.9 percent of the outstanding shares. The transaction closed on July 7, 2010 and was selected by The Deal as one of 2010’s “Private Equity Deals of the Year.” John Pollack led the deal.