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Business/Financial

Chemring To Acquire The Allied Defense Group For $59 Million

DDN

Wednesday, January 20th, 2010

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By Calvin Biesecker Britain's Chemring Group yesterday said it has agreed to acquire Virginia-based The Allied Defense Group [ADG] for $59 million in cash, expanding its ammunition products and related services. The deal is expected to close within three months, subject to regulatory approvals by the U.S. government and ADG shareholder approvals. Chemring will pay $7.25 per share, a 54 percent premium to ADG's stock price, at the close of business last Friday. Chemring will be getting ADG's Belgium-based Mecar…

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