EDO Shareholders Approve Merger with ITT
December 18 2007 - 10:34AM
Business Wire
Shareholders of EDO Corporation (NYSE: EDO) today voted
overwhelmingly to approve the merger with ITT Corporation (NYSE:
ITT). The shareholder vote satisfies the final condition for
completion of the transaction. As a result, the merger is expected
to be completed and become effective on December 20. Under the
terms of the merger, EDO shareholders will receive $56 in cash for
each share of common stock. Based on the preliminary share count,
more than 77 percent of the outstanding shares were voted in favor
of the merger. Under New York State law, 66.7 percent of the shares
were needed for approval. The special meeting of shareholders was
held at 10:00 a.m. in New York City. EDO Corporation designs and
manufactures a diverse range of products for aerospace, defense,
intelligence, and commercial markets. Major product groups include:
Professional and Engineering Services, Defense Electronics,
Communications, Aircraft Armament Systems, Undersea Warfare, and
Integrated Composite Structures. EDO�s advanced systems are at the
core of the transformation to lighter, faster, and smarter defense
capabilities. With headquarters in New York, EDO Corporation
employs 4,000 people worldwide. The company was founded in 1925 and
had revenues of $715 million in 2006.
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