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Exelis Shareholders OK Harris’ Acquisition Offer, DOJ Clears Transaction

FalconRadioHarris Corp.’s (NYSE: HRS) pending acquisition of Exelis (NYSE: XLS) for almost $4.75 billion in cash and stock has moved forward after Exelis’ shareholders voted to approve the transaction and the Justice Department cleared the deal under antitrust law.

Exelis said Friday both companies expect the transaction to close May 29, pending other closing conditions, and gained DOJ’s approval for the deal on May 21 to terminate the waiting period for the acquisition under the Hart-Scott-Rodino Antitrust Improvements Act.

Exelis shareholders will receive $16.625 in cash and 0.1025 of Harris shares for each Exelis share they hold, while Harris shareholders will own close to 85 percent of the company and Exelis shareholders will hold the remaining 15 percent.

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