|
CHEVY CHASE, Md. (AP) - Defense contractor BAE Systems Inc. will buy military armored vehicle maker Armor Holdings Inc. for $4.1 billion, part of BAE's bid to tap into heavy demand from the American military for vehicles in Iraq and other war zones, the company said Monday.
BAE Systems Inc., an American subsidiary of the British defense conglomerate BAE Systems PLC, will pay $88 per share for the Jacksonville, Fla.-based Armor Holdings, a 7 percent premium over the closing price of company shares Friday. Including $388 million in debt, the deal is worth $4.5 billion.
Shares of Armor Holdings rose $4.45, more than 5 percent, to $86.60 in Monday trading after the takeover was announced.
|
|