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Raytheon’s Applied Signal Tender Offer Underway

Raytheon released the following financial announcement:

“Raytheon Company (NYSE: RTN) is commencing today, through its wholly-owned subsidiary RN Acquisition Company, a cash tender offer to purchase all of the outstanding shares of common stock of Applied Signal Technology, Inc. (Nasdaq: APSG).

“Raytheon announced on Monday, Dec. 20, 2010 that it had entered into a merger agreement with Applied Signal. Upon successful completion of the tender offer, shareholders of Applied Signal will receive $38.00 in cash for each share of Applied Signal common stock validly tendered and not validly withdrawn, without interest and less any required withholding taxes.

“The board of directors of Applied Signal has unanimously determined that the offer and the other transactions contemplated by the merger agreement are fair to and in the best interests of Applied Signal shareholders, and has recommended that Applied Signal shareholders tender their shares in the offer.”

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