EDO Corporation will hold a special meeting of its shareholders on December 18 to complete previously announced plans to be acquired by ITT Corporation, a global aerospace and defense company with headquarters in White Plains, New York.
EDO Corporation will hold a special meeting of its shareholders on December 18 to complete previously announced plans to be acquired by ITT Corporation, a global aerospace and defense company with headquarters in White Plains, New York.
In September, the companies signed a definitive agreement for ITT to purchase all outstanding shares of EDO for $56 per share in cash. Including approximately $120 million of net debt and the anticipated conversion of convertible notes, this transaction values EDO at $1.7 billion.
With headquarters in New York, EDO Corporation employs 4,000 people worldwide. The company was founded in 1925 and had revenues of $715 million in 2006. It designs and manufactures a diverse range of products — including military-grade GPS antenna technology — for aerospace, defense, intelligence, and commercial markets.
“We’re bringing together two successful defense organizations into one team with one mission: To meet the needs of our customers in support of our nation and its allies,” said Steve Gaffney, president of ITT’s defense business. “We are confident in our plan to integrate our businesses and unlock tremendous value, creating opportunity for employees, customers and shareholders.”
If EDO’s shareholders approve the plan, the acquisition is expected to close in early 2008.
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