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CA Firm Buys 93.7% of Lancaster Based Herley

by thiryj

San Diego-based Kratos Defense & Security Solutions Inc. completed the first purchase of Lancaster County-based Herley Industries Inc.’s common stock, getting 93.7 percent of all outstanding shares, the company said today.Kratos’ finalized the stock purchase at the end of Thursday in the $270 million acquisition deal, and the company is launching a second purchase that will wrap up on Tuesday, it said. Remaining Herley stockholders will receive the same $19 a share as those who sold their stock in the earlier purchase, Kratos said.The first purchase represents nearly 84 percent of Herley common stock on a fully diluted basis, according to Kratos.Herley, based in East Hempfield Township, designs and manufactures microwave electronics for the aerospace, defense and medical industries.Kratos is the parent of technology, manufacturing and engineering companies that serve the defense and public safety sectors, including York County-based Gichner Systems Group that makes reinforced shelters for electronics, military personnel and transportation.

via Central Penn Business Journal.

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