XLS
Exelis Inc.NYSE
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  • May 5, 2015, 10:40 AM
    • Harris (HRS -1.6%) expects to win antitrust approval for its planned acquisition of Exelis(XLS -0.6%) without having to make any asset disposals and still anticipates the $4.6B deal to close in June.
    • The remaining stumbling block is its ownership of intellectual property related to a planned Army radio upgrade, Chief Executive Bill Brown said on a post-earnings call. The company is confident it will resolve the issue.
    • Earlier: More on Harris' FQ3 (May. 05 2015)
    • Earlie: Harris beats by $0.07, misses on revenue (May. 05 2015)
    | May 5, 2015, 10:40 AM
  • Apr. 14, 2015, 7:54 AM
    • The completion of Harris' (NYSE:HRS) acquisition of defense contractor Exelis (NYSE:XLS) has been moved back at least a month or longer, while the DoD conducts its own review of the $4.75B deal, CT Financial News reports.
    • Harris bought itself another 30 days to avoid a more comprehensive review by pulling, then refiling, its Hart-Scott-Rodino Antitrust Act application with the Department of Justice.
    • Previously: Harris to acquire Exelis for $4.75B (Feb. 06 2015)
    | Apr. 14, 2015, 7:54 AM
  • Feb. 6, 2015, 9:13 AM
    • Exelis (NYSE:XLS) is up 36% premarket after Harris agreed to purchase the company in a cash-and-stock deal valued at $4.75B; Harris (NYSE:HRS) is up 8%.
    • Exelis, which makes military communications equipment, spun off from ITT (NYSE:ITT) in 2011.
    • Previously: Harris to acquire Exelis for $4.75B (Feb. 06 2015)
    | Feb. 6, 2015, 9:13 AM
  • Feb. 6, 2015, 7:00 AM
    • Harris (NYSE:HRS) has agreed to buy rival Exelis (NYSE:XLS) in a cash-and-stock deal valued at approximately $4.75B.
    • Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock, for each Exelis share they own.
    • The transaction is expected to close in June 2015.
    | Feb. 6, 2015, 7:00 AM | 6 Comments
  • Dec. 11, 2013, 4:48 PM
    • Exelis's (XLS) board authorizes a plan to spin-off its military and government services business, Exelis Mission Systems. Completion is expected in summer of 2014.
    • Exelis will focus future investments on strengthening its Critical Networks, ISR & Analytics, Electronic Warfare, and Aerostructures ops.
    • Exelis is expected to generate $3.4B in revenue in 2013 after a pro forma adjustment for the spin-off, with a "meaningful appreciation in its growth and operating margin profile" as well as diversification of non-U.S. defense customers to 50% from 30% currently.
    • Exelis Mission Systems' pro forma 2013 revenue is estimated at $1.5B. Division President Kennett Hunzeker will lead the spun-off entity.
    • Conference call at 8:30am ET tomorrow
    | Dec. 11, 2013, 4:48 PM | 3 Comments