Mill Road Capital continues to invest in SM&A

By Lisa Kerner

Charlotte, N.C., Nov. 10 - SM&A investors led by Mill Road Capital, LLP upped their stake to 10%, from 8.6% on Oct. 16, with the purchase of 254,738 shares of the company's stock.

The shares were acquired between Oct. 20 and Nov. 10 at prices from $2.2697 to $5.5866 each, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

The investors beneficially own approximately 1.83 million shares of the Newport Beach, Calif., competition management services company.

On Oct. 31, SM&A announced it agreed to be acquired by an affiliate of Odyssey Investment Partners, LLC for $6.25 per share in cash in a transaction valued at approximately $119.6 million.

SM&A's board of directors unanimously approved the transaction, which is expected to close near the end of 2008 or early in the first quarter of 2009 subject to shareholder approval, it was previously reported.

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