Stockholders OK UTC Buyout
Goodrich Corp. shareholders have approved the acquisition of Goodrich by United Technologies Corp. (UTC). Goodrich investors will receive $127.50 in cash for each share of common stock they own, a 47.4 percent premium to the closing stock price in September, when news of the acquisition reached the market. The transaction is valued at $18.4 billion, including $1.9 billion in net debt assumed. Upon completion of the acquisition, Goodrich will become a wholly owned subsidiary of the Hartford, Conn.-based UTC, and its operation will remain at its base in Charlotte, N.C. The merger is set to be completed by mid-year.