Mill Road Capital buys 250,000 shares of SM&A

By Lisa Kerner

Charlotte, N.C., Nov. 14 - SM&A investors led by Mill Road Capital, LLP upped their stake to 11.3%, from 10% on Nov. 10, with the purchase of 250,000 shares of the company's stock.

The shares were acquired on Nov. 12 for $5.52 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The investors beneficially own 2,086,414 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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