MTC Technologies stockholders OK merger with BAE Systems

By Lisa Kerner

Charlotte, N.C., Feb. 28 - MTC Technologies, Inc. stockholders approved the company's merger with BAE Systems, Inc. at a special meeting on Thursday.

Approximately 99.9% of the shares of MTC Technologies common stock voted at the special meeting were voted in favor of the transaction, a company news release said.

In December, BAE Systems agreed to acquire MTC Technologies for $24 cash per share in a deal valued at some $450 million, including the assumption of net debt of $81 million.

The transaction is slated to close in the first half of 2008.

As previously reported, MTC Technologies will become part of BAE Systems' customer solutions operating group, which is based in Arlington, Va., and is a segment of the company's technology solutions and services line of business.

Dayton, Ohio-based MTC Technologies provides technical and professional services and equipment integration and modernization for the U.S. military and intelligence agencies.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.