Featured Company News – Ultra Electronics Confirms Sparton’s Acquisition

Research Desk Line-up: RF Industries Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 10, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Sparton Corp. (NYSE: SPA), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=SPA. Ultra Electronics Holdings PLC (“Ultra”), an international defense, security, transport, and energy Company, announced that it has signed an agreement to acquire Sparton Corp. on July 07, 2017. The cash transaction is valued at $23.50 per share. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

http://protraderdaily.com/register/

Discover more of our free reports coverage from other companies within the Diversified Electronics industry. Pro-TD has currently selected RF Industries, Ltd (NASDAQ: RFIL) for due-diligence and potential coverage as the Company announced on June 13, 2017, its profitable results for Q2 FY17 which ended on April 30, 2017. Tune into our site to register for a free membership, and be among the early birds that get our report on RF Industries when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SPA; also brushing on RFIL. Go directly to your stock of interest and access today’s free coverage at:

http://protraderdaily.com/optin/?symbol=SPA

http://protraderdaily.com/optin/?symbol=RFIL

Commenting on the merger agreement, Joseph J. Hartnett, Interim President & Chief Executive Officer of Sparton said:

“This transaction is the result of the significant time and effort the Company has invested in its previously announced process to explore strategic alternatives, including a potential acquisition of Sparton. We are pleased to have successfully concluded our process with a transaction that delivers significant value to the shareholders of Sparton.”

Rakesh Sharma, Chief Executive Officer of Ultra Electronics, stated:

“The acquisition of Sparton brings strategic and financial benefits to Ultra and the Ultra Board recommends this Acquisition to our investors.”

Highlights of the Acquisition

The acquisition was unanimously approved by Sparton’s Board of Directors and is subject to customary closing and regulatory approvals, including Sparton’s shareholders and governmental consent. Further details of the transaction will be disclosed in a proxy statement that will be sent to the shareholders of Sparton before the special meeting that will be conducted for their approval of the proposed acquisition. The deal is expected to be completed by January 01, 2018.

Wells Fargo Securities, LLC and Raymond James & Associates, Inc. served as the financial advisors to Sparton. Mayer Brown provided the legal advice to the Company.

Benefits of the Merger Agreement

The combination of Sparton with the Ultra Electronics’ business will enable the latter to improve its relationship with a major customer and gain attractive financial returns. The agreement will also help Ultra Electronics to augment its exposure to the growing sonobuoy segment.

About Sparton Corporation

Founded by W. H. Withington in 1900, Sparton Corporation is engaged in the development of complex and sophisticated electromechanical devices and engineered products. The Company operates through Manufacturing and Design Services and Engineered Components and Products segments.

The Manufacturing and Design Service segment operations include contract design, manufacturing and aftermarket repair and refurbishment of printed circuit card assemblies, sub-assemblies, full product assemblies, and cable or wire harnesses for customers.

The Engineered Components and Product segment operations comprise of design, development, and production of proprietary products for both domestic and foreign defense as well as commercial needs.

Sparton is headquartered in Schaumburg, United States, and has thirteen manufacturing locations and engineering design centers across the world.

About Ultra Electronics Holdings PLC

Established in 1993, Ultra Electronics Holdings PLC provides electronic and software solutions and products in the defense and aerospace, security and cyber, transport and energy markets. The Company operates in three segments: Aerospace & Infrastructure, Communications & Security, and Maritime & Land. Its market facing segments are Aerospace, Infrastructure, Nuclear, Communications, C2ISR, Maritime, Land and Underwater Warfare.

The Aerospace & Infrastructure division produces high-integrity, safety critical electronic control systems for aircraft applications. The Communications & Security division provides mission critical, information dominance solutions. The Maritime & Land Division provides sensors, combat management systems, power solutions for the surface, subsurface, and unmanned platforms.

Ultra Electronics is headquartered in Greenford, the United Kingdom and employs more than 4,400 people.

Last Close Stock Review

On Friday, July 07, 2017, the stock closed the trading session at $23.11, climbing 3.35% from its previous closing price of $22.36. A total volume of 1.68 million shares has exchanged hands, which was higher than the 3-month average volume of 106.00 thousand shares. Sparton’s stock price soared 31.38% in the last one month, 0.70% in the past six months, and 4.43% in the previous twelve months. The stock currently has a market cap of $228.56 million.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third-party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 467685