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Satnews Daily
March 15th, 2012

United Technologies Corp. + Goodrich... Acquiring Minds Wish To Know (Business)


[SatNews] Goodrich Corporation (NYSE: GR) announced that, at the special meeting of shareholders, Goodrich shareholders...

...voted to approve the proposed merger with United Technologies Corp. (NYSE: UTX). The final tabulation indicates that more than 98 percent of votes were cast in favor of the transaction, which represents approximately 75 percent of the total outstanding shares of Goodrich common stock as of February 6, 2012, the record date for the special meeting. Upon completion of the merger, Goodrich will become a wholly owned subsidiary of United Technologies and Goodrich shareholders will receive $127.50 in cash, without interest, for each share of Goodrich common stock they own, representing a 47.4 percent premium to the closing stock price on Thursday, September 15, 2011, the last full day of trading prior to market rumors of a transaction. The transaction has a total enterprise value of approximately $18.4 billion, including approximately $1.9 billion in net debt assumed. Goodrich continues to expect the merger to be completed by mid-2012, following the satisfaction or waiver of all closing conditions.