ST. LOUIS, Aug. 6 (UPI) -- The Boeing Co. has completed acquisition of Argon ST Inc., a Virginia company that develops C4ISR and combat systems.
Boeing said June 30 its intent to acquire Argon ST was part of its strategy to expand its capabilities to address the markets for cyber and intelligence products and the market for Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance systems.
As a result of the merger completed Thursday, Argon ST is now a wholly owned subsidiary of Boeing and a new division of Boeing Network & Space Systems, a business within the Boeing Defense, Space & Security operating unit.
Before the merger, Vortex Merger Sub Inc., a wholly owned subsidiary of Boeing, successfully completed a cash tender offer to purchase all of the outstanding shares of common stock of Argon ST. Based on information from the depositary for the tender offer shares of Argon ST common stock -- about 91 percent of the shares outstanding and 83 percent of the shares outstanding on a fully diluted basis -- were validly tendered and not validly withdrawn prior to the expiration of the tender offer.
All such shares have been accepted for payment in accordance with the terms of the tender offer, Boeing said.
"In order to effect the short-form merger with Argon ST, Vortex Merger Sub exercised its option to purchase 16,600,352 shares of Argon ST common stock, which is the number of shares sufficient to cause Vortex Merger Sub to own one share more than 90 percent of the shares outstanding on a fully diluted basis immediately after the exercise of such option," Boeing said.