Kaynar Investor Ups Stake to More Than 7%
<i> Bloomberg News</i>
Fairchild Corp., a maker of fasteners for airplane production, raised its stake in Orange-based Kaynar Technologies Inc. to 7.12% from about 6%.
Earlier this month, Dulles, Va.-based Fairchild said it had held talks with Kaynar and other top shareholders about buying Kaynar, which makes fasteners and other parts for aircraft and defense manufacturers. Fairchild officials couldn’t be reached for comment.
Fairchild bought 57,600 Kaynar shares for $17.94 to $19.44 apiece from Nov. 4 to Nov. 19, according to a Securities and Exchange Commission filing. Fairchild, which spent $1.1 million on the purchases, holds 360,600 shares in Kaynar, according to the filing.
Kaynar shares rose 50 cents to $20.25. Fairchild Class A shares rose 75 cents to $16.
