$183M Defense Co. Buy Unchallenged During Review Period
Law360 (January 24, 2019, 9:04 PM EST) -- Sparton Corp. announced Thursday that Cerberus Capital Management LP's planned $183 million purchase of the defense technology company went unchallenged during the Hart-Scott-Rodino Antitrust Improvement Act of 1976 review period.
The unchallenged deal, announced in December, comes after U.S. Department of Justice antitrust worries scuttled a previous planned $234 million tie-up between Ultra Electronics Holdings PLC and Sparton because they were the only two companies qualified to produce submarine-detecting sonobuoys for the U.S. Navy.
The waiting period, which ended at 11:59 p.m. EST on Jan. 22, was one hurdle for the deal, which is still subject to customary closing conditions set forth in...
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