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Sparton Extends Outside Date Under Merger Agreement with Ultra
February 6, 2018 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. has announced that the outside date for completing the pending merger pursuant to the Agreement and Plan of Merger, dated as of July 7, 2017, among Sparton, Ultra Electronics Holdings plc (ULE) and Ultra Electronics Aneira Inc. has been extended from January 31, 2018 to March 31, 2018.
As previously disclosed, in connection with the review of the pending merger by the United States Department of Justice (DOJ) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (HSR), Sparton, Ultra and the DOJ entered into a timing agreement pursuant to which, among other things, Sparton and Ultra agreed not to consummate the pending merger until 90 days following the date on which both of them shall have certified compliance with the DOJ's requests for additional information, unless the DOJ's review shall have been closed sooner, subject to certain exceptions.
Sparton expects that both Sparton and Ultra will have certified compliance with the second requests on or before February 8, 2018. The DOJ's decision on the pending merger might not be received by Sparton and Ultra by March 31, 2018. The merger agreement provides Ultra with the right to further extend the outside date for completing the pending merger until July 31, 2018 if certain regulatory approvals, including clearance under HSR, remain pending as of March 31, 2018.
Sparton and Ultra have been cooperating fully with the DOJ as it conducts its review and are continuing to work with the DOJ to obtain clearance of the pending merger.
About Sparton Corporation
Sparton Corporation, now in its 118th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide.
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