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Tuesday, May 20, 2014

Cobham to purchase U.S. communications equipment firm for $1.5 bln, (NYSE: ARX)

British aerospace and defence supplier Cobham is buying U.S. communications equipment maker Aeroflex Holding Corp for $1.46 billion, continuing its quest for more commercial customers as its main defence clients cut spending.Cobham said on Tuesday the deal, the biggest in its 80-year history, had seen it agree to pay $10.50 per share in cash for New-York based Aeroflex, which makes components and systems used in broadband and wireless communications.That represents a 26 percent premium to Aeroflex's closing price on the New York Stock Exchange on Monday.Cobham Chief Executive Bob Murphy said the deal would give Cobham a leading position in technology markets where there were high barriers to entry. "It will also increase exposure to attractive commercial markets including wireless, space, medical and microelectronics," he said.

ARC Resources Ltd. (ARC) is a Canada-based conventional oil and gas company. Shares of ARX traded higher by 0.61% or $0.05/share to $8.31. In the past year, the shares have traded as low as $6.04 and as high as $8.99. On average, 89066 shares of ARX exchange hands on a given day and today's volume is recorded at 67847.



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