Rockwell Collins and B/E Aerospace each said their respective shareholders had approved the companies’ merger.
Cedar Rapids, Iowa-based Rockwell Collins—which specializes in, among other areas, flight deck avionics and cabin electronics—in October 2016 announced that it would acquire aircraft cabin interior product supplier B/E Aerospace for approximately $6.4 billion in cash and stock. It also agreed to take on $1.9 billion in Wellington, Florida-based B/E Aerospace’s net debt.
Rockwell Collins said March 9 that its shareholders had approved the issuance of common stock needed to complete the acquisition.
“Our shareowners demonstrated clear and overwhelming support with more than 90% of the votes cast at our special meeting voting in support of our acquisition of B/E Aerospace,” Rockwell Collins chairman, president and CEO Kelly Ortberg said. The company added in a statement that the purchase “is expected to close later this spring upon completion of all requisite regulatory approvals and other customary closing conditions.”
B/E Aerospace said 99% of votes cast at its special meeting of shareholders approved the transaction.
The merger agreement calls for each share of B/E Aerospace common stock to be canceled and automatically converted into the right to receive $34.10 in cash, without interest, and 0.3 of a share of Rockwell Collins common stock. “Based upon Rockwell Collins [stock’s] closing price of $97.65 on March 8, 2017, the total implied value for each B/E Aerospace share is $64.38,” B/E Aerospace said.
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