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| Photo: Exelis |
[Avionics Today 05-26-2015] Exelis shareholders have approved the merger agreement for the company’s acquisition by Harris Corp., announced earlier this year. More than 97 percent of the shares voted at the special meeting voted in favor of the transaction, representing more than 79 percent of all outstanding shares of Exelis.
“The vote today shows our shareholders understand that together, Harris and Exelis will be better positioned to compete more effectively and profitably in the global marketplace,” said Exelis CEO and President David F. Melcher. “We look forward to the new opportunities for our collective businesses and to bringing existing capabilities into new markets.”
Exelis also announced on May 21, 2015, Exelis and Harris received notification that the Department of Justice had terminated the waiting period applicable to the merger under the Hart-Scott-Rodino Antitrust Improvements Act. The approval of the merger agreement by Exelis shareholders and the termination of the Hart-Scott-Rodino waiting period were two of the final conditions to the closing of the acquisition.
The two companies expect the merger to close on May 29, 2015, but note that the merger remains subject to the satisfaction of the remaining closing conditions set forth in the merger agreement.