Summary
This 8-K filing from Harris Corporation, dated May 31, 2007, announces a material definitive agreement for the acquisition of Multimax Incorporated. Harris Corporation will acquire all outstanding stock of Multimax for $400 million, subject to adjustments. Multimax is a provider of IT and communications services primarily serving the Department of Defense and federal civilian agencies, as well as state and local governments. The acquisition is expected to close before Harris' fiscal year-end on June 29, 2007, contingent upon standard closing conditions, including regulatory approvals such as the Hart-Scott-Rodino Antitrust Improvements Act waiting period. The filing also notes that Harris Corporation has revised its earnings per share guidance for fiscal years 2007 and 2008, as detailed in an accompanying press release. This revision includes a discussion of non-GAAP financial measures, which management believes offer valuable insights into operational performance.
Key Highlights
- 1Harris Corporation entered into a definitive Stock Purchase Agreement to acquire Multimax Incorporated for $400 million, subject to adjustments.
- 2Multimax Incorporated is a provider of information technology and communications services for the Department of Defense, federal civilian agencies, and state/local governments.
- 3The acquisition is expected to close before Harris' fiscal year-end on June 29, 2007, subject to customary closing conditions and regulatory approvals.
- 4Key closing conditions include the expiration of the Hart-Scott-Rodino waiting period and the absence of any material adverse effect on Multimax.
- 5Cerberus Partners, L.P. has provided an irrevocable and unconditional guaranty for the Seller's obligations.
- 6Harris Corporation issued a press release announcing the acquisition and revising its fiscal year 2007 and 2008 earnings per share guidance.
- 7The company is utilizing non-GAAP financial measures in its revised guidance, providing explanations for their use in analyzing operational performance.