Author: Jane Edwards|| Date Published: June 12, 2019
Jacobs Engineering Group (NYSE: JEC) has concluded a tender offer to acquire all the outstanding shares of common stock of KeyW (Nasdaq: KEYW) for $11.25 per share in cash.
Jacobs said Tuesday the tender offer expired Tuesday and it expects to complete the purchase of all remaining shares on Wednesday, June 12.
The Dallas-based technical and construction services contractor is set to close a œshort-form merger since it now owns an adequate number of shares in KeyW due to the tender offer, which was launched in May through Jacobs™ Atom Acquisition Sub subsidiary.
Approximately 80 percent of KeyW™s outstanding shares were tendered as of the transaction’s expiration. Broadridge Corporate Issuer Solutions served as the depositary agent in the tender offer.
Jacobs announced in April that it agreed to acquire KeyW for $11.25 per share in cash, or approximately $815M, to expand its presence in the intelligence, surveillance and reconnaissance sector. KeyW will operate as a wholly owned indirect subsidiary of Jacobs upon the merger™s completion.
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