By Lisa Kerner
Charlotte, N.C., May 7 - Armor Holdings, Inc. agreed to be acquired by BAE Systems, Inc., a wholly owned subsidiary of BAE Systems plc, for $4.1 billion, or $88.00 per share in a one-step merger.
The transaction, subject to Armor shareholder approval, is expected to close in the third quarter of 2007.
"We are excited to move this business to the next phase of its development," Armor president Robert R. Schiller said in a company news release.
Goldman, Sachs & Co., Inc. and Merrill Lynch & Co., Inc., served as financial advisers to Armor, while Kane Kessler, P.C. served as legal counsel.
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.
| Acquirer: | BAE Systems, Inc.
|
| Target: | Armor Holdings, Inc.
|
| Transaction value: | $4.1 billion
|
| Price per share: | $88.00
|
| Announcement date: | May 7
|
| Expected closing: | Third quarter of 2007
|
| Stock price for target: | NYSE: AH; $82.15 on May 4
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