General Dynamics [GD] yesterday said it had successfully completed its tender offer to purchase all the outstanding shares of Force Protection [FRPT], clearing the last remaining hurdle in its acquisition of the armored vehicle designer and manufacturer.
As of last Friday, more than 81 percent of Force Protection’s shares had been tendered, exceeding the minimum requirement for GD to wrap up the acquisition.
Last week GD also said that the Justice Department had terminated the waiting period to receive regulator approval of the acquisition, which was the first hurdle that had to be met toward closing the $360 million deal (Defense Daily, Dec. 19). GD in November announced the planned acquisition (Defense Daily, Nov. 8).