Simi Valley Firm Hires Deal Advisors

In the wake of an unsolicited bid by a Los Angeles investor, Whittaker Corp., a Simi Valley aerospace firm, said Monday that it has hired two investment banking firms to evaluate possible mergers and acquisitions.

“We’ve got a good number of strategic options we are looking at--from mergers to acquisitions to us being bought out,” said Joseph R. Alibrandi, Whittaker’s longtime chairman and chief executive. “It’s very clear this industry is consolidating. Clearly, we believe that we’re only going to grow by acquiring or being acquired.”

Whittaker, which supplies Boeing Co. with aircraft parts, said it is being advised by CIBC Oppenheimer & Co. and Credit Suisse First Boston Corp. There were no deadlines set.

In December, Los Angeles investment banker Michael E. Tennenbaum made an unsolicited $208-million bid to acquire Whittaker, valuing it at about $18.50 a share. He said Monday that he has increased his bid, but Alibrandi said he has not officially received a higher offer.

Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of Whittaker’s stock.

Tennenbaum, 63, was an investment banker with Bear Stearns for 32 years before he started his own firm two years ago.

“As potential buyers of the company, we are disappointed, but as shareholders, perhaps we will benefit,” Tennenbaum said.

Whittaker shares eased 6 cents to close at $17.63 on the New York Stock Exchange.