Chemring To Acquire Hi-Shear For $132M

Law360, New York (September 16, 2009, 5:49 PM EDT) -- Military decoy maker Chemring Group PLC has agreed to acquire aerospace products manufacturer Hi-Shear Technology Corp. in an all-cash transaction valued at approximately $132 million.

Chemring will pay Hi-Shear stockholders $19.18 per share — a premium of 61.4 percent over Hi-Shear’s closing stock price on Tuesday.

Chemring said it would fund the transaction through a new committed facility with Lloyds Banking Group.

The companies expect to complete the deal in the fourth quarter of 2009, pending shareholder and regulatory approvals.

“The acquisition of Hi-Shear considerably extends...
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