SCHAUMBURG, Ill.–(BUSINESS WIRE)–Jan. 31, 2018–Sparton Corporation (NYSE:SPA) (“Sparton”) announced today that the outside date for completing the pending merger pursuant to the Agreement and Plan of Merger (the “merger agreement”), dated as of July 7, 2017, among Sparton, Ultra Electronics Holdings plc (ULE) (“Ultra”) and Ultra Electronics Aneira Inc. has been extended from January 31, 2018 to March 31, 2018.
As previously disclosed, in connection with the review of the pending merger by the United States Department of Justice (the “DOJ”) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (“HSR”), Sparton, Ultra and the DOJ entered into a timing agreement pursuant to which, among other things, Sparton and Ultra agreed not to consummate the pending merger until 90 days following the date on which both of them shall have certified compliance with the DOJ’s requests for additional information (the “second requests”), unless the DOJ’s review shall have been closed sooner, subject to certain exceptions. Sparton expects that both Sparton and Ultra will have certified compliance with the second requests on or before February 8, 2018. The DOJ’s decision on the pending merger might not be received by Sparton and Ultra by March 31, 2018. The merger agreement provides Ultra with the right to further extend the outside date for completing the pending merger until July 31, 2018 if certain regulatory approvals, including clearance under HSR, remain pending as of March 31, 2018.
Sparton and Ultra have been cooperating fully with the DOJ as it conducts its review and are continuing to work with the DOJ to obtain clearance of the pending merger.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 118th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. Sparton’s Web site may be accessed at http://www.sparton.com/.
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting future results, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in Sparton’s filings with the Securities and Exchange Commission (SEC). The matters discussed in this press release may also involve risks and uncertainties concerning Sparton’s services described in Sparton’s filings with the SEC. In particular, see the risk factors described in Sparton’s most recent Form 10K and Form 10Q. Sparton assumes no obligation to update the forward-looking information contained in this press release.
Contact
Investors:Institutional Marketing Services (IMS)
John Nesbett/Jennifer Belodeau, 203-972-9200
jnesbett@institutionalms.com
or
Company:
Sparton Corporation
Joseph McCormack, 847-762-5812
jmccormack@sparton.com
