Essex Corporation (KEYW) Message Board

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Technology Stocks : Essex Corporation (KEYW)

KEYW 11.23

0.0%

Jun 12 5:00 PM EST

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From: JakeStraw	11/9/2006 8:08:16 AM
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Northrop Grumman to Buy Essex biz.yahoo.com Wednesday November 8, 6:29 pm ET Northrop Grumman Says Putting Essex Is Worth About $580 Million in Cash LOS ANGELES (AP) -- Military contractor Northrop Grumman Corp. said Wednesday it plans to buy all the outstanding stock of Essex Corp. for $24 per share, or about $580 million in cash, including assumed debt. Essex provides signal, image and information processing and other services for U.S. intelligence and defense customers. The purchase price is about 20 percent higher than Essex's Wednesday closing price of $19.98 per share. Northrop Grumman expects the deal to close in the first quarter of 2007 and to help earnings starting in 2008. Boards of both companies have approved it. Following the close of the deal, Essex will operate as a business unit within Northrop Grumman's Mission Systems sector. Northrop Grumman said the Essex purchase expands its intelligence and defense offerings.

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