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Textron Closes In On United Industrial Acquisition

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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…

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