COLUMBIA, Md., Dec. 29 /PRNewswire-FirstCall/ -- Essex Corporation announced that it has been informed by Northrop Grumman Space & Mission Systems Corp. ("Northrop Grumman") that Northrop Grumman plans to voluntarily withdraw and re-file its pre-merger notification and report form under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, relating to the previously announced proposed acquisition of Essex by Northrop Grumman. The purpose of the withdrawal and re-filing is to provide federal antitrust authorities with additional time to review the proposed acquisition.
Essex expects that Northrop Grumman will re-file the HSR notification in a timely manner and that the proposed acquisition will close during the first quarter of 2007 as planned, following approval by Essex' shareholders, completion of the HSR review, and the satisfaction of all other closing conditions. The waiting period for the new filing will expire at 11:59 p.m. on the 30th day after the re-filing is completed, unless earlier terminated by federal antitrust authorities, or a request for additional information by such authorities is made. In addition to the antitrust regulatory review, the proposed acquisition is subject to approval by Essex' shareholders, and other customary closing conditions.
About Essex: Essex provides advanced signal, image, information processing, information assurance and cyber-security solutions, primarily for U.S. Government intelligence and defense customers, as well as for commercial customers. We create our solutions by combining our services and expertise with hardware, software, and proprietary and patented technology to meet our customers' requirements. For more information contact Essex Corporation, 6708 Alexander Bell Drive, Columbia MD 21046; Phone 301.939.7000; Fax 301.953.7880; E-mail
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward looking. Factors, among others, that could cause actual results to differ materially from those described in the forward-looking statements include: the satisfaction of the conditions to closing under the definitive merger agreement, including receipt of shareholder and regulatory approval; general industry and market conditions; the ability of either company to achieve future business objectives; and the risk that the perceived advantages of the transaction, if consummated, may not be achieved. More detailed information about these and other factors that could cause actual results to differ materially from those described in the forward-looking statements is set forth in Essex's Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Essex is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact: Leonard E. Moodispaw
Chairman, CEO & President
301.939.7000
