© mikael damkier Business | February 06, 2018

Ultra and Sparton extend long-stop date on missing HSR approval

Ultra previously announced its intention to merge with Sparton on July 7, 2017 subject, inter alia, to the approval of the United States Department of Justice (‘DOJ’) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (‘HSR’).
Included in the merger agreement there is a long-stop date by which time the merger should be completed unless regulatory approval has not been granted. Under the terms of the merger agreement, Ultra and Sparton have agreed an extension of the initial long stop date from January 31, 2018 to March31, 2018 to reflect the progress of the HSR approval process. The merger agreement also provides Ultra with the option to further extend it until July 31, 2018 if certain regulatory approvals, including US antitrust clearance, remain pending at March 31, 2018.

As previously disclosed on November 10, 2017, Ultra entered into a timing agreement with the DOJ. Ultra and Sparton agreed not to consummate the pending acquisition until 90 days following the date on which both had certified compliance with the DOJ’s Requests for Additional Information, unless the DOJ’s review shall have been closed sooner, subject to certain exceptions. Ultra and Sparton expect they will each have certified compliance with the DOJ’s Requests for Additional Information on or before February 8, 2018. Therefore the timing of a decision from the DOJ may be later than the end of March 2018 previously announced by Ultra, a press release states.


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April 17 2018 7:38 pm V9.3.2-1