United Industrial to delist from NYSE

By Lisa Kerner

Charlotte, N.C., Dec. 11 - United Industrial Corp. said it will delist its common stock, par value $1.00, from the New York Stock Exchange, LLC to expedite the completion of Textron Inc.'s acquisition of the company.

The NYSE was provided with written notice of United Industrial's intention, and the delisting is expected to occur before the end of December.

United Industrial said in a news release that numerous trades in its common stock "have failed to settle for extended periods of time, demonstrating that the market in United Industrial's common stock is inefficient."

It was previously reported on Nov. 20 that Textron, through its wholly owned subsidiary, purchased a total of 8,417,623 shares, or some 85%, of United Industrial's common stock in its $81-per-share tender offer ended Nov. 13.

United Industrial agreed to be acquired by Textron in a deal valued at roughly $1.1 billion.

Providence, R.I.-based Textron has business in the aircraft, industrial and finance industries.

United Industrial is based in Hunt Valley, Md., and provides aerospace and defense systems through subsidiary AAI Corp.

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