San Diego-based Titan Corp. said a required antitrust waiting period on its announced acquisition by L-3 Communications has expired, paving the way for the transaction’s approval by Titan shareholders at a special meeting July 28.
Titan and L-3 announced the cash deal June 3 that calls for L-3 to pay $23.10 for each share of Titan stock, resulting in total price of about $2.65 billion, including the assumption of Titan debt of $508 million.
The transaction also requires court approval of definitive settlements on outstanding securities litigation pending in federal court, and in California and Delaware state courts.
L-3 is a New York defense contractor that makes a range of products for military use and intelligence gathering. Last year it had more than $6.9 billion in revenues.
Founded in 1981, Titan is a provider of communications systems solutions, and of linguistic services primarily to the U.S. military forces. It had revenues of $2 billion last year, and about 12,000 employees, including about 1,000 in the county at 15 facilities.