Communication equipment manufacturer Harris Corp. (HRS) moved Friday to boost its defense business, agreeing to acquire Exelis Inc. (XLS) in a cash and stock deal valued at $4.75 billion.
Terms of the deal call for Melbourne, Fla.-based Harris to pay $16.625 in cash and 0.1025 Harris shares for each Exelis share owned for a total consideration of $23.75 per share, a 34% premium to the target's Thursday close.
McLean, Va.-based Exelis makes communications gear, sensors, surveillance e...
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