$625 million deal !!!
Eurocopter Holding — a division of the European aerospace giant EADS — has made a friendly $625-million takeover bid for the Toronto-based maintenance firm Vector Aerospace Corp.
Vector Aerospace specializes in the repair and overhaul of helicopters.
Eurocopter is making a $13-a-share all-cash offer for the outstanding shares of Vector. The shares last traded on Friday at $11.35.
Shareholders controlling about 60 per cent of the company's stock have already agreed to tender their shares to the offer. Shareholders controlling two-thirds of Vector's stock must approve the deal, as must regulators.Vector Aerospace 3-month TSX chart
“We are delighted to join EADS and Eurocopter," said Declan O’Shea, CEO of Vector Aerospace, in a statement. "We believe that being part of the Eurocopter group will allow Vector Aerospace and our people to pursue our long history of profitable growth and excellent levels of quality and customer service.
Under terms of the deal, Vector will keep its name and will become Eurocopter Holding's main provider of maintenance, repair and overhaul services.
Vector Aerospace has 2,500 employees, mainly in Canada and the U.K. Its annual revenues in 2010 hit $545 million.
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