TORRANCE, Calif., Nov. 23 (UPI) -- U.S. aerospace and defense company Hi-Shear Technology Corp. has received approval to proceed with a merger agreement with Chemring Group.
Hi-Shear announced its stockholders have approved Chemring's proposal to acquire the company. England-based Chemring, a critical defense program development company, will purchase Hi-Shear for approximately $132 million.
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Hi-Shear says its stockholders held a special meeting and voted to approve the merger agreement with Chemring in an all-cash deal at $19.18 per share.
According to a news release, "approval of the merger agreement was the final remaining condition to consummation of the merger."