|
|
Article: Textron Makes Offer for David Brown Group plc; UK-Based Company Provides Growth Platform for Fluid and Power Systems Group.
- Article from:
- Business Wire
- Article date:
- September 4, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
PROVIDENCE, R.I.--(BUSINESS WIRE)--Sept. 4, 1998--Textron Inc. (NYSE:TXT) and David Brown Group plc of the United Kingdom (London Stock Exchange: DBG.L) today announced an agreement on the terms of Textron's offer to acquire the entire issued capital stock of David Brown for approximately $326 million ((pound)195 million), plus the assumption of debt.
Subject to the acceptance of 90 percent of David Brown's ordinary shares and certain regulatory clearances, the transaction is targeted for completion early in the fourth quarter.
"We view David Brown as a cornerstone business offering a strong, global platform to accelerate growth in our Industrial segment's ...