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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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