Ultra Extends Sparton Acquisition Completion Deadline

(RTTNews) - Ultra Electronics Holdings Plc. (ULE.L), in update on the HSR approval process for the company's pending acquisition of Sparton Corp., said that the companies have agreed an extension of the initial long stop date from 31 January 2018 to 31 March 2018 to reflect the progress of the HSR approval process. The merger agreement also provides Ultra with the option to further extend it until 31 July 2018 if certain regulatory approvals, including US antitrust clearance, remain pending at 31 March 2018.

As previously disclosed on 10 November 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 8 February 2018. Therefore the timing of a decision from the DOJ may be later than the end of March 2018 previously announced by Ultra.