L3Harris Statement on Second Request from Federal Trade Commission

Rhea-AI Summary

L3Harris Technologies (NYSE: LHX) has received a 'second request' from the Federal Trade Commission (FTC) regarding the regulatory review of its acquisition of Aerojet Rocketdyne (NYSE: AJRD). This request extends the waiting period mandated by the Hart-Scott-Rodino Act until 30 days after L3Harris and Aerojet Rocketdyne fulfill the FTC's information request. The transaction is still anticipated to close in 2023, pending shareholder approval from Aerojet Rocketdyne and other standard closing conditions.

Positive

• Anticipated acquisition of Aerojet Rocketdyne may enhance L3Harris's market position in aerospace and defense.
• The acquisition process is progressing with expected closing in 2023, subject to shareholder approval.

Negative

• The second request from the FTC indicates potential regulatory hurdles that could delay the acquisition.
• The waiting period extension may lead to uncertainty and volatility in stock performance for L3Harris.

 

MELBOURNE, Fla.--(BUSINESS WIRE)-- L3Harris Technologies (NYSE: LHX) received a request for additional information (“second request”) from the Federal Trade Commission (FTC) as part of the regulatory review process for the acquisition of Aerojet Rocketdyne (NYSE: AJRD).

The second request extends the waiting period imposed by the Hart-Scott-Rodino Act until 30 days after L3Harris and Aerojet Rocketdyne have substantially complied with the request, or the waiting period is terminated sooner by the FTC. The transaction is expected to close in 2023, subject to approval by Aerojet Rocketdyne’s shareholders tomorrow and other customary closing conditions.

About L3Harris Technologies

L3Harris Technologies is a Trusted Disruptor for the global aerospace and defense industry. With customers’ mission-critical needs always in mind, our 46,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results or outcomes to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about closing timing and Aerojet Rocketdyne’s shareholder approval are forward-looking and involve risks and uncertainties. Important risk factors that could cause actual results or outcomes to differ from those expressed in the forward-looking statements are described in the “Risk Factors” sections of the company’s Annual Report on Form 10-K for the year ended December 30, 2022. The forward-looking statements speak only as of the date of this press release, and L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005874/en/

Paul Swiergosz

L3Harris Corporate

Paul.Swiergosz@L3Harris.com

321-378-5631

Source: L3Harris Technologies

FAQ

What is the recent acquisition news regarding L3Harris (LHX) and Aerojet Rocketdyne (AJRD)?

L3Harris received a second request from the FTC regarding its acquisition of Aerojet Rocketdyne, impacting the regulatory review process.

How will the FTC's second request affect L3Harris's acquisition of Aerojet Rocketdyne?

The FTC's second request extends the regulatory waiting period, potentially delaying the acquisition process.

When is L3Harris expected to finalize the acquisition of Aerojet Rocketdyne?

The acquisition is expected to close in 2023, pending shareholder approval and compliance with FTC requests.