Exelis Shareholders Approve Acquisition By Harris

(RTTNews) - Exelis Inc. (XLS) said Friday that its shareholders have approved the merger agreement providing for the acquisition of the company by Harris Corp. (HRS).

Exelis also said that on Thursday, Exelis and Harris received notification that the Department of Justice had terminated the waiting period applicable to the merger under the Hart-Scott-Rodino Antitrust Improvements Act.

The approval of the merger agreement by Exelis shareholders and the termination of the Hart-Scott-Rodino waiting period were two of the final conditions to the closing of the acquisition.

The merger agreement, originally announced on February 6, provides that Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock for each share of Exelis common stock. At close, Harris shareholders will own about 85% of the combined company, and Exelis shareholders will own about 15%.

Exelis and Harris expect the merger to close on May 29.