DRS Technologies Rejects Unsolicited Proposal from L-3 Communications to Acquire the Company
Thursday July 1, 10:37 am ET
PARSIPPANY, N.J.--(BUSINESS WIRE)--July 1, 2004--DRS Technologies, Inc. (NYSE: DRS - News) today confirmed that during the last month it received an unsolicited proposal from L-3 Communications Holdings, Inc. (NYSE: LLL - News) to acquire DRS for $42.00 per share in cash. The proposal was subject to due diligence and the negotiation of a merger agreement. DRS's board of directors conducted a process for evaluating the proposal on a basis consistent with its responsibilities.
DRS engaged Bear, Stearns & Co. Inc. as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist in this process. Following several meetings of its board of directors, DRS advised L-3 that its board of directors has confidence in the company's growth prospects and that based on this and other factors, DRS's board of directors unanimously determined that L-3's proposal would not be in the best interests of DRS's stockholders.
At this time, the Company does not intend to make any further public comment on this matter.
DRS Technologies, headquartered in Parsippany, New Jersey, provides leading edge products and services to defense, government intelligence and commercial customers. Focused on defense technology, DRS develops and manufactures a broad range of mission critical systems. The company employs 5,800 people worldwide. |
