Antitrust Review Extended for Proposed BAE Systems Acquisition of United Defense.ARLINGTON, Va. -- United Defense Industries, Inc. (NYSE NYSE See: New York Stock Exchange : UDI (1) (Unified Display Interface) A digital interface from the United Display Interface SIG that is designed to replace the analog VGA interface common on CRTs and flat panel monitors. UDI is expected to provide backward compatibility with DVI and HDMI interfaces. ) today announced that it, together with BAE Systems BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Inc., has received a request from the Department of Justice (DOJ (Department Of Justice) The legal arm of the U.S. government that represents the public interest of the United States. It is headed by the Attorney General. ) for additional information (commonly referred to as a "second request") in connection with BAE Systems' pending acquisition of United Defense. Both companies intend to address the request promptly. A second request extends the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 during which the DoJ conducts its review of a transaction. While the companies do not know when DoJ will complete its review, they continue to anticipate the merger will be completed midyear, as previously announced. UDI and BAE Systems filed their antitrust notifications on March 14, 2005. DoJ and the Federal Trade Commission did not determine that DoJ would assume jurisdiction to review the transaction until April 4, after 22 days of the 30-day initial review period had already elapsed e·lapse intr.v. e·lapsed, e·laps·ing, e·laps·es To slip by; pass: Weeks elapsed before we could start renovating. n. . The parties understand that in the remaining nine days, DoJ did not have adequate time to complete its review of the proposed transaction. UDI and BAE Systems are continuing to work with DoJ to respond to any remaining questions. About United Defense Industries United Defense designs, develops and produces combat vehicles, artillery, naval guns List of Naval Guns, listed below by country in caliber order. France
missile launcher n → lance-missiles m missile launcher missile n and precision munitions mu·ni·tion n. War materiel, especially weapons and ammunition. Often used in the plural. tr.v. mu·ni·tioned, mu·ni·tion·ing, mu·ni·tions To supply with munitions. used by the U.S. Department of Defense and allies worldwide, and provides non-nuclear ship repair, modernization and conversion to the U.S. Navy and other U.S. Government agencies. To learn more about United Defense, visit www.uniteddefense.com. Additional Information About the Merger and Where to Find It United Defense has filed a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and other relevant materials with the SEC in connection with the proposed acquisition of United Defense by BAE Systems. This proxy statement has been mailed to the stockholders of United Defense. Stockholders of United Defense and investors are urged to read the proxy statement and other relevant materials because they contain important information about BAE Systems, United Defense, and the proposed merger that the stockholders should consider before making a decision about the merger. The proxy statement and other relevant materials (when they become available), and any other documents filed with the SEC by United Defense, may be obtained free of charge at the SEC's web site at www.sec.gov. United Defense, and its directors and officers, may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the merger agreement. Information regarding United Defense's directors and officers and their ownership of United Defense common stock is contained in the proxy statement that was filed with the SEC on April 6, 2005 and mailed to stockholders in connection with the proposed acquisition of United Defense by BAE Systems. Investors and stockholders may obtain additional information regarding the direct and indirect interests of United Defense and its directors and officers in the merger by reading the proxy statement. About BAE Systems BAE Systems is an international company engaged in the development, delivery and support of advanced defense and aerospace systems in the air, on land, at sea and in space. BAE Systems North America is one of America's foremost national security, aerospace and information systems companies. It is a leading provider of electronic and information-based systems and knowledge-based solutions that meet its customers' mission effectiveness and operational safety needs. BAE Systems North America employs more than 30,000 people at sites across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the United Kingdom and generates more than $5 billion in annual sales. Forward Looking Statements Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to United Defense as of the date of the release, and United Defense assumes no obligation to update any such forward looking statements. The statements in this release are not guarantees of future performance and actual results could differ materially from United Defense's current expectations. Numerous factors could cause or contribute to such differences. Such factors include risks and uncertainties specific to this transaction, including but not limited to adverse effects on the market price of the company's common stock and on the company's operating results because of failure to complete the transaction (due to failure to obtain stockholder or regulatory approvals or to satisfy all of the other conditions to the transaction). Please refer to United Defense's Annual Report on Form 10 K for the year ended December 31, 2004 and in its other reports filed from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with its business. |
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