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Technology Stocks : Texas Instruments - Good buy now or should we wait?
TXN 218.65-1.2%3:59 PM EST
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To: Smart Investor who wrote (1049)6/10/1997 9:40:00 PM
From: JO Irvin   of 6180
 
BOSTON, June 10 (Reuter) - Raytheon Co said Tuesday it had
reached agreement with the Justice Department to delay its
proposed $2.95 billion purchase of Texas Instruments Inc's
TXN.N defense business for two weeks to June 30.

The two-week delay will give the Justice Department more time
to examine the proposed takeover, Raytheon spokesman Robert
McWade said.

"Both sides agreed mutually to take another two weeks to
finalize the process," he said. "We're making progress. There's
only one issue left."
A source close to the deal said the Justice Department is
examining how the merger would strengthen Raytheon's hand in
monolithic microwave integrated circuits (MMICs) used in
high-technology military applications such as aircraft and other
weapons sytems. MMICs are a very small part of the overall deal,
the source said. When asked about MMICs, McWade said that "there is
substantial competition" in the market. "Right now, today, there are nine defense capable of manufacturing the high-quality MMICs in question," he said.
McWade said Raytheon's proposed $9.5 billion takeover of Hughes Electronics Corp's GMH.N defense business is still expected to close in the fall.
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