September 16, 2009 / 7:33 AM / 10 years ago

Chemring buys U.S.-listed Hi-Shear

LONDON (Reuters) - Military goods maker Chemring (CHG.L) has agreed to buy U.S.-listed space and defence supplier Hi-Shear HSR.A in a $132 million (80 million pound) all-cash deal.

Chemring, which said in June it was targeting acquisitions, said in a Wednesday statement the $19.18 a share deal would be funded by a new banking facility and was conditional on shareholder approval.

The group shares, up nearly 20 percent this year, were down 1.2 percent at 2295 pence by 8:18 a.m., valuing the company at about 810 million pounds.

Reporting by John Bowker, Editing by Ben Deighton

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below