Charles W. Missler, chairman and chief executive officer of Resdel Industries, a defense contractor based in Newport Beach, said Monday that a holding company he controls will purchase up to 880,000 Resdel shares over the next 42 months.
The restricted shares, to be purchased from First Interstate Bancorp, will bring to about 66% the stake in Resdel held by MDC Inc. Currently, Resdel has about 4.4 million shares outstanding, Missler said.
Missler said he owns about 89% of MDC, which is headquartered in Newport Beach.
Although he declined to disclose terms of the option agreements under which MDC will acquire the stock, Missler said his company will pay "about a 30% discount to the market." Traded over the counter, Resdel closed Monday at $6.75 a share. Missler said he wants to ensure that his holding company maintains a controlling interest in Resdel, which has all of its operating facilities in Arcadia but moved its headquarters to Newport Beach after Missler joined the company in late 1984.