Armor, BAE Systems merger clears one approval hurdle; deal on track to close in 3Q

By Lisa Kerner

Charlotte, N.C., June 21 - Armor Holdings, Inc. said the U.S. Department of the Treasury's Committee on Foreign Investment in the United States gave its approval for the proposed merger of Armor and Jaguar Acquisition Sub, Inc., a wholly owned subsidiary of BAE Systems, Inc.

The committee said there were "no issues of national security to warrant an investigation under the Exon-Florio Amendment," according to a form 8-K filing with the Securities and Exchange Commission.

BAE Systems, with Armor's agreement, wirhdrew and refiled its Hart-Scott-Rodino filing on June 18 in order to extend the review process. However, Armor expects the merger to close as planned in the third quarter of 2007.

On May 7, Armor agreed to be acquired by BAE Systems for $4.1 billion, or $88 per share in a one-step merger.

Armor, based in Jacksonville, Fla., manufactures branded products for the military, law enforcement and personnel safety markets.

BAE Systems plc is a London-based defense contractor. BAE Systems Inc. is based in Rockville, Md.

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