Textron Agrees to Buy United Industrial for $1.1 Billion
By: Reuters
Diversified manufacturer Textron said Monday it had agreed to buy United Industrial in a deal valued at $1.1 billion, in a move to strengthen its aerospace and defense businesses.
Textron has agreed to make a cash tender offer for all outstanding shares of United Industrial common stock at $81 each. It expects to complete the acquisition by the end of the year.
The price is a 7% premium to United Industrial's close on Friday at $75.62.
The deal value includes UIC stock expected to be issued to bondholders under terms of a $120 million, 3.75% convertible senior notes issuance in September 2004.
JP Morgan advised United Industrial on the deal.
Diversified manufacturer Textron said Monday it had agreed to buy United Industrial in a deal valued at $1.1 billion, in a move to strengthen its aerospace and defense businesses.
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