EDO shareholders approve merger with White Plains company
Long Island Business News, Dec 18, 2007 by Alison Snyder
Shareholders of defense contractor EDO Corp. Tuesday voted to approve a merger with White Plains, N.Y.-based ITT Corp.
More than 75 percent of shareholders approved the merger, which was announced Sept. 17. The merger is valued at $1.7 billion, including the assumption of $120 million in debt. ITT said it was buying EDO in an effort to broaden its presence into other markets.
The merger will be completed on Dec. 20, with stockholders of the New York-based company receiving $56 for each share.
EDO has operations in Amityville and Bohemia, employing more than 400 on Long Island.
The company's recent third quarter earnings rose fivefold, with revenue and tax benefits boosting the company's profit to $11.2 million, up from $2.1 million in the same quarter in 2006. Sales rose 39 percent to $256.8 million from $184.4 million last year - but fell short of analyst predictions of $266.8 million.
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Fox Networks Group and Bright House Networks Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Fox Networks Group and Time Warner Cable Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Houston Radio D.J. Kevin Kline Completes 500-Mile, 13-Day Ultramarathon Across Texas for Kids with Cancer
- Seaspan Corporation Provides Information on the CSCL Hamburg
- Dodecylamine improves nanocrystal synthesis
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Using object-oriented analysis and design over traditional structured analysis and design
- Design a commission plan that drives sales - Sales Commissions
