Aerospace company Hi-Shear Technology Corp. said Friday that its shareholders had approved its acquisition by a British company in a deal valued at $132 million.
The Torrance company, which makes components for rockets and satellites, signed a definitive merger agreement in September with Chemring Group PLC, a London firm that makes materials for the defense industry.
Hi-Shear shareholders will receive $19.18 per share, a 61 percent premium over Hi-Shear’s stock price before the deal was announced. The companies expect to complete the merger on or about November 24.
About 86 percent of the shares of Hi-Shear outstanding were voted to approve the merger, the companies said.
Hi-Shear shares were down 3 cents, or less than 1 percent, to $19.18 in midday trading on the New York Alternet.
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