Shares of White Electronic closed Monday at $5.46.
Microsemi, in a statement Tuesday, said it expects the deal to close in its fiscal third quarter ending June 27. The boards of both companies approved the deal.
Microsemi said it would finance the acquisition using its cash on hand and no debt will be incurred.White Electronic makes anti-tamper technologies for weapon systems. "The combination of Microsemi's and White Electronic's product portfolios further extends Microsemi's integrated solution offering in the defense and aerospace markets with superior technology and capability," said James Peterson, Microsemi's CEO and president, in a statement. Microsemi said it expects the acquisition to add 8 cents to 12 cents a share to earnings in fiscal 2011. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV