L-1 shares closed Friday at $9.70, making the $12 price a 24% premium.
Under the terms of the deal, Safran has agreed to acquire L-1, a maker of high-tech recognition and security systems, following the sale of L-1's intelligence services businesses to BAE Systems. BAE is buying the businesses for $296 million, a deal expected to close in the fourth quarter.
The Safran acquisition of L-1 is expected to close in the first quarter of 2011. The closing of the acquisition is subject to the completion of the BAE deal, L-1 stockholder approval, and review by the U.S. Committee on Foreign Investment in the United States.-- Written by Joseph Woelfel
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