MCLEAN, Va., May 22 (UPI) -- Shareholders of Exelis, the aerospace, defense, information and services company, have voted overwhelmingly for the firm's merger with the Harris Corporation.
The vote, taken at a special meeting of shareholders on Friday, represented 79 percent of outstanding Exelis shares, each of which will be bought by Harris for $16.625 in cash and 0.1025 of a share of Harris common stock, Exelis reported.
"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 Chief Executive Officer 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 on Friday also reported that the U.S. Justice Department has terminated the waiting period applicable to the merger under the Hart-Scott-Rodino Antitrust Improvements Act.
The merger is now expected to be completed on May 29, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement.
At close of the transaction Harris shareholders will own approximately 85 percent of the combined company, with Exelis shareholders owning the remaining 15 percent.
