DRS Technologies, Inc. (NYSE: DRS) announced today that stockholders of
the company voted to adopt the agreement and plan of merger, and approve
the merger with Finmeccanica S.p.A. (FNC.MI) at DRS’s
special meeting of stockholders held today at The Hilton Parsippany in
Parsippany, New Jersey, U.S.A. at 10:00 a.m. local time.
As announced on May 12, 2008, Finmeccanica and DRS jointly signed a
definitive merger agreement for Finmeccanica to acquire all of the
outstanding stock of DRS Technologies for US$81.00 per share in cash in
a transaction with an enterprise value of approximately US$5.2 billion.
The transaction is expected to close in the fourth quarter of 2008 and
is subject to the receipt of regulatory approvals and other closing
conditions. On August 28, 2008, Finmeccanica and DRS jointly announced
that the U.S. Department of Justice and Federal Trade Commission
terminated the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended (HSR), in connection with DRS’s
proposed merger with Finmeccanica.
Headquartered in Italy, Finmeccanica is a leading global high-technology
company with core competencies in the design and manufacture of
helicopters, civil and military aircraft, aero structures, satellites,
space infrastructure, missiles, defense electronics and security. The
company employs more than 60,000 people worldwide. Finmeccanica North
America employs more than 2,100 employees at 32 sites across the U.S.
DRS Technologies, headquartered in Parsippany, New Jersey, is a leading
supplier of integrated products, services and support to military
forces, intelligence agencies and prime contractors worldwide. The
company employs approximately 10,500 people.
For more information about DRS Technologies, please visit the company’s
web site at www.drs.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: This press release contains forward-looking statements,
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are based on management's beliefs and assumptions, current
expectations, estimates and projections. Such statements, including
statements relating to DRS Technologies’
expectations for future financial performance, are not considered
historical facts and are considered forward-looking statements under the
federal securities laws. These statements may contain words such as “may,”
“will,” “intend,”
“plan,” “project,”
“expect,” “anticipate,”
“could,” “should,”
“would,” “believe,”
“estimate,” “contemplate,”
“possible” or
similar expressions. These statements are not guarantees of the Company’s
future performance and are subject to risks, uncertainties and other
important factors that could cause actual performance or achievements to
differ materially from those expressed or implied by these
forward-looking statements and include, without limitation, demand and
competition for the Company’s products and
other risks or uncertainties detailed in the Company’s
Securities and Exchange Commission filings. Given these uncertainties,
you should not rely on forward looking statements. Such forward-looking
statements speak only as of the date on which they were made, and the
Company undertakes no obligations to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
DRS Technologies, Inc.
Patricia M. Williamson, 973-898-6025
Vice
President, Investor Relations
or
J. Patrick Fuhrmann, 973-451-3530
Director,
Investor Relations
