Force Protection, General Dynamics announce acquisition terms
The acquisition of Force Protection by General Dynamics has been formalised with both companies entering into a definitive merger agreement, under which General Dynamics will acquire Force Protection for a price of $5.52 per share of common stock, or approximately $360 million, according to a press release issued by General Dynamics on 7 November 2011.
Under the agreement Force Protection will become part of General Dynamics Land Systems, the designer and manufacturer of Abrams main battle tanks and Stryker infantry combat vehicles. The boards of both companies have now approved the terms of the acqusition.
Force Protection named the maximisation of value for stockholders as a key motivator of the merger, while C Roualet, president of General Dynamics Land Systems said, ‘Force Protection complements and strategically expands General Dynamics’ armoured vehicle business, adding new products to the expansive portfolio of combat vehicles that we currently manufacture and support. In addition, Force Protection’s skilled workforce provides high-quality support and sustainment services to an installed fleet of approximately 3,000 vehicles, strengthening our ability to support assets deployed with US forces around the world. With this acquisition, we will create new opportunities to serve domestic and international customers alike.’
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