L-3 Communications Corporation and Wescam Inc. announced that a wholly owned subsidiary of L-3 had completed its $9.50 per share takeover bid for all Wescam common shares. The 19,944,650 common shares tendered represent approximately 96.9 per cent of the outstanding common shares of Wescam. The transaction values Wescam at approximately $195 million. The deal was announced on September 17, 2002 and closed on December 4, 2002. On January 4, 2003, L-3 completed the compulsory acquisition of the remaining Wescam common shares.
L-3 Communications is a merchant supplier of intelligence, surveillance and reconnaissance (ISR) products, secure communication systems and products, avionics and ocean products, training products, microwave components and telemetry, instrumentation, space and wireless products. Canadian-based Wescam, designs and manufactures wireless visual information.
L-3 Communications was represented by Stikeman Elliott LLP, with a team headed by Brian Pukier and including Quentin Markin and Trent Mell (corporate/securities), John Lorito (tax) and Eric Dufour (competition); together with senior vice-president, secretary and general counsel Chris Cambria and assistant general counsel Ron Mandler.
Wescam was represented by Osler, Hoskin & Harcourt LLP, with a team led by Craig Wright and including Chris Murray, Bert Clark and Robert Silver (corporate/securities), Greg Wylie (tax) and Peter Franklyn and Steve Sansom (competition); together with vice-president, corporate development, general counsel and secretary, Bruce Latimer and corporate counsel Mike Cody. In the U.S., Wescam was represented by McDermott, Will & Emery with a team led by Stuart Berkson, and including William Quinlan, Jr. (corporate/securities), Kristen Hazel (tax) and Jon Dubrow (competition) in Chicago.