ST. PETERSBURG, FLA. — Shareholders of Primex Technologies, Inc., a maker of munitions, propellants, satellite propulsion systems and electronics products for the U.S. government and its allies, have approved the company’s proposed acquisition by General Dynamics. The transaction was originally proposed on November 9 last year.
According to the agreement, General Dynamics will acquire the outstanding shares of Primex for a cash purchase price of $32.10 per share. The transaction is expected to close on January 26, according to a Primex statement.
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Shareholders approved the agreement by a more than two-thirds majority of Primex’s outstanding shares, the company said. Of those present for the vote and those who cast their vote by proxy, 97.9 percent endorsed General Dynamic’s acquisition offer of the company, Primex said.
When the deal is completed, Primex Technologies will be known as General Dynamics Ordnance and Tactical Systems, a business unit within General Dynamics’ Combat Systems Group, Primex said. The company says it has 2,850 employees and an estimated net income of $25 million for 2000.
