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Article Excerpt
Transaction will expand sensor, imaging and intelligence, surveillance and reconnaissance offerings to U.S. government
FAIRFAX, Va. and ROCKY HILL, Conn., June 4 /PRNewswire-FirstCall/ -- General Dynamics Advanced Information Systems, a business unit of General Dynamics , has entered into a definitive agreement to acquire Axsys Technologies, Inc., for $54 per share of Axsys Technologies' outstanding common stock. The cost of the transaction would be $643 million.
The proposed acquisition, which has been approved by the boards of directors of Axsys Technologies and General Dynamics, would be earnings-neutral in 2009 and accretive to General Dynamics' earnings thereafter. The transaction is subject to normal regulatory approvals as well as approval by Axsys Technologies' shareholders, and is expected to close during the third quarter of the year.
Axsys Technologies is a global leader in the design and manufacture of high-performance electro-optical and infrared (EO/IR) sensors and systems and multi-axis stabilized cameras. Its customers include U.S. military and homeland security agencies, systems integrators that support those customers, and commercial customers in high-performance markets such as aerial and...
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