L-3 Board Gives Thumbs-Up To Engility Unit Spinoff

Law360, Chicago (June 26, 2012, 7:58 PM EDT) -- Defense contractor L-3 Communications Holdings Inc.'s board of directors has greenlighted the spinoff of its Engility Holdings Inc. subsidiary, the company said Tuesday, in a deal that will allow shareholders to receive one share of Engility for every six shares of L-3 common stock as a U.S. tax-free distribution.

Engility provides systems engineering and technical assistance, training and operation support services to government departments and agencies. In an investor presentation on the spinoff plan last year, New York-based L-3 said it would still hold on to...
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