January 31, 2011
Raytheon Buys California Co.
Raytheon Co., the Waltham-based defense contractor with operations in Central Massachusetts, has acquired Applied Signal Technology Inc. of California for about $472 million.
Raytheon said it completed its tender offer, buying about 87.8 percent of AST's outstanding shares.
It said outstanding shares of the company will each be converted into $38 in cash.
Raytheon said it will form a "short form" merger with AST under California law and then convert AST to a wholly-owned subsidiary. The process allows it to bypass a meeting of AST shareholders, the company said.
Raytheon said AST will be integrated into its Space and Airborne Systems business and renamed Raytheon Applied Signal Technology Inc.
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