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Friday, February 6, 2015

Communications gear maker Harris to purchase defense contractor Exelis, (NYSE: XLS)

Communications equipment maker Harris Corp said it would purchase defense contractor Exelis Inc in a cash-and-stock deal valued at about $4.75 billion. The offer of $23.75 per share is a premium of about 34 percent to Exelis's Thursday close, and values the company at about $4.44 billion based on Exelis's shares outstanding as of Oct. 28.

Exelis Inc. (Exelis) is a diversified, top-tier global aerospace, defense and information solutions company. Shares of XLS traded higher by 1.9% or $0.33/share to $17.71. In the past year, the shares have traded as low as $14.86 and as high as $20.02. On average, 1058250 shares of XLS exchange hands on a given day and today's volume is recorded at 427284.