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Defense Markets Summary
May 2007 (past reports)
Stumble It!
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BAE
Systems to Acquire Armor Holdings for $4.1 Billion
Jacksonville based Armor Holdings Inc. (NYSE:
AH) has agreed to be acquired by BAE Systems Inc. a subsidiary
of UK based BAE Systems plc. BAE will take over the outstanding
Armor Holdings shares in a one-step merger. BAE will allocate
$4.1 billion to buy Armor's common share at $88 per share. The
transaction is expected to close in the third quarter, subject
to approval by Armor shareholders. Armor Holdings has grown
in large measure by acquiring companies such as Stewart and
Stevenson Inc., which gave Armor vehicle manufacturing capability
and the ability to vie for tactical vehicle business as a prime
contractor. Armor President Robert R. Schiller said the acquisition
will move the company to its next phase of development. "We
have no doubt that BAE Systems will place the needs of our customer
and those of the men and women in uniform who depend on our
products at the center of their ongoing effort," Schiller
said. Goldman, Sachs & Co. Inc. and Merrill Lynch &
Co. Inc. provided financial guidance to Armor, and Kane Kessler
P.C. was legal counsel.
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