K&F Industries shareholders to vote May 3 on Meggitt-USA merger

By Lisa Kerner

Charlotte, N.C., April 9 - K&F Industries Holdings, Inc will hold a special meeting of shareholders on May 3 in Rye Brook, N.Y., to vote on proposed merger with Meggitt-USA, Inc., the wholly owned U.S. subsidiary of Meggitt Plc.

Shareholders of record as of April 5 will be entitled to vote at the meeting, according to a company news release.

Under the terms of the merger proposal, Meggitt will acquire K&F for $27.00 per share in cash in a transaction valued at $1.1 billion.

In addition, Meggitt-USA will assume $700 million of K&F's debt.

The offer price is roughly 54% more than K&F's $17.50-per-share initial public offering in August 2005, a news release stated.

Both companies' boards unanimously approved the merger, which was first announced on March 6 and is expected to close in the second quarter of 2007.

K&F is based in White Plains, N.Y., and manufactures braking equipment for commercial transport, general aviation and military aircraft through its Aircraft Braking Systems Corp. subsidiary.

Christchurch, England-based Meggitt specializes in aerospace equipment, sensing and defense systems.

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