Textron [TXT] said recently it has acquired 85 percent of the stock of United Industrial Corp. [UIC] as it nears the end of its $1.1 billion acquisition of the defense company.
However, Textron said that about 1.6 million shares of UIC’s common stock that had been tendered through notices of guaranteed delivery were not delivered as required by Nov. 16, delaying the close of the acquisition. Once Textron is able to acquire 90 percent of UIC’s common stock, it can effectively close the deal.
Textron said that, if necessary, it may request that UIC call a shareholder meeting to help deliver the necessary shares to complete the purchase. UIC shareholders who have not tendered their stock at the time the acquisition closes will receive the same $81 per share paid in the tender offer.
Textron announced its agreement to acquired UIC last month (Defense Daily, Oct. 10). The deal would give Textron a strong position in the Unmanned Aircraft System market and additional capabilities in logistics, helicopter engine maintenance repair and overhaul, aircraft maintenance training devices, and test systems for aircraft electronic warfare systems.