Exelis Shareholder Alert – National Securities Law Firm Seeks Higher Price For Shareholders In Connection With Acquisition. Encourages Shareholders To Contact Law Firm For More Information
February 6, 2015
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Exelis, Inc. (NYSE: “XLS”) (“Exelis” or the “Company”) on behalf of its shareholders. Harris Corporation and Exelis announced a definitive agreement under which Harris will acquire Exelis in a cash and stock transaction valued at $23.75 per share. Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock, based on Harris’ closing price as of February 5, 2015, for each share of Exelis common stock. Upon closing, Harris shareholders will own approximately 85 percent of the combined company, and Exelis shareholders will own approximately 15 percent.
Our investigation will determine whether the offer price of only $23.75 per share unfairly under-values the true going forward inherent value of the Company and whether shareholders are receiving the maximum value for their shares. Indeed, among other things, the transaction is expected to be slightly accretive to Harris in the first full year and a significant contributor thereafter. Harris has identified estimated net pre-tax cost synergies from the combination in a range of $100 million to $120 million, with savings expected to achieve annual run-rate in year three.
If you are a shareholder of Exelis and would like additional information as to how the acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders in mergers and acquisitions transactions and, along with its affiliate, has recovered billions of dollars for shareholders in securities actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.