MTC Technologies, BAE Systems clear waiting period hurdle

By Lisa Kerner

Charlotte, N.C., March 18 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of MTC Technologies, Inc. and BAE Systems, Inc., the government announced on Tuesday.

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.

MTC Technologies stockholders approved the merger at a special meeting on Feb. 27, it was previously reported.

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

Once the merger is complete, 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, a prior news release said.

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.

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