SCHAUMBURG, IL -- The closing date for the pending merger of Ultra Electronics and Sparton was again pushed back as the companies await US regulatory approvals.
The companies announced the outside date for completing the pending merger has been extended from Jan. 31 to Mar. 31.
Following US anti-trust laws, Sparton, Ultra and the US Department of Justice entered into a timing agreement under which Sparton and Ultra agreed not to consummate the pending merger until 90 days following the date on which both of them shall have certified compliance with the DOJ’s requests for additional information.
Sparton expects both firms will have certified compliance with the second requests no later than Feb. 8. The DOJ’s decision on the pending merger might not be received by Sparton and Ultra by Mar. 31.
Sparton and Ultra have been cooperating fully with the DOJ as it conducts its review and are continuing to work with the DOJ to obtain clearance of the pending merger.
The firms agreed to the merger on Jul. 7, 2017. The merger agreement provides Ultra with the right to further extend the outside date for completing the pending merger until Jul. 31, if certain regulatory approvals remain pending as of Mar. 31.