Summary
This 8-K filing by Harris Corporation announces the definitive completion of its acquisition of Leitch Technology Corporation, a deal valued at approximately $450 million net of Leitch's cash on hand. The acquisition, which closed on October 25, 2005, was executed under an arrangement agreement and involved the purchase of all outstanding Leitch common shares for C$14.00 per share. Investors should note that the transaction was financed through a combination of Harris's issuance of $300 million in 5% Notes due 2015 and existing cash reserves. This strategic acquisition is expected to expand Harris Corporation's market presence and capabilities, though specific synergies or integration plans are not detailed in this particular filing. The accompanying press release, furnished under Regulation FD, provides further details on the transaction's closure.
Key Highlights
- 1Harris Corporation completed its acquisition of Leitch Technology Corporation on October 25, 2005.
- 2The total cash consideration paid by Harris for Leitch was approximately US$450 million, net of Leitch's cash.
- 3Leitch shareholders received C$14.00 in cash for each common share of Leitch.
- 4The acquisition was financed through the issuance of $300 million in 5% Notes due 2015 and cash on hand.
- 5The transaction was conducted in accordance with an arrangement agreement dated August 31, 2005, as amended.
- 6A press release detailing the acquisition completion was issued on October 25, 2005, and furnished as an exhibit.