By Lisa Kerner
Charlotte, N.C., June 4 - General Dynamics Advanced Information Systems, a business unit of General Dynamics Corp., announced it agreed to acquire Axsys Technologies, Inc., for $54 per share in a transaction valued at $643 million.
Both companies' boards of directors have approved the deal, which is expected to close in the third quarter of 2009.
A $23.6 million termination fee is included as part of the merger agreement, according to a form 8-K filed on Thursday with the Securities and Exchange Commission.
"Axsys Technologies delivers innovative, high-value products in a market segment that is strategic for General Dynamics Advanced Information Systems," unit president Lou Von Thaer said in a General Dynamics news release.
Based in Rocky Hill, Conn., Axsys develops high-performance surveillance cameras, imaging systems and related motion-control technologies for the aerospace, defense and high-performance commercial markets.
General Dynamics Advanced Information Systems makes and operates mission systems for defense, space, intelligence, surveillance, reconnaissance, homeland security and homeland defense customers. The company is located in Fairfax, Va.
| Acquirer: | General Dynamics Advanced Information Systems
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| Target: | Axsys Technologies, Inc.
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| Announcement date: | June 4
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| Price per share: | $54.00
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| Termination fee: | $23.6 million
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| Expected closing: | Third quarter of 2009
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| Stock price of target: | Nasdaq: AXYS: $50.00 on June 3
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