Summary
This 8-K filing from Harris Corporation (now L3Harris Technologies) on October 6, 2004, announces a significant development: the entry into a definitive Agreement and Plan of Merger to acquire Encoda Systems Holdings, Inc. for approximately $340 million. The acquisition is to be funded entirely by cash on hand, and will include the extinguishment of Encoda's existing debt and transaction expenses from the purchase price. Investors should note that the transaction is subject to customary closing conditions, including antitrust review under the Hart-Scott-Rodino Act, and is anticipated to close in the Company's second fiscal quarter.
Key Highlights
- 1Harris Corporation entered into a definitive Merger Agreement to acquire Encoda Systems Holdings, Inc. for approximately $340 million.
- 2The acquisition will be funded by Harris Corporation's available cash on hand.
- 3Encoda's existing indebtedness and related transaction expenses will be paid off at closing using the $340 million purchase price.
- 4The transaction is subject to customary closing conditions, including expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period.
- 5The Encoda acquisition is expected to close during the Company's second fiscal quarter.
- 6A press release detailing the acquisition is furnished as an exhibit.
- 7The filing includes cautionary statements regarding forward-looking statements related to the acquisition's closing.
Frequently Asked Questions
This 8-K filing announces that Harris Corporation has entered into a definitive agreement to acquire Encoda Systems Holdings, Inc. for approximately $340 million, detailing the terms and conditions of this material definitive agreement.
Harris Corporation plans to finance the Encoda acquisition entirely with its available cash on hand.
The closing of the acquisition is contingent upon customary conditions, which include the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Other standard closing conditions also apply.
The company anticipates that the Encoda acquisition will close during Harris Corporation's second fiscal quarter.