B/E Aerospace stockholders approve merger with Rockwell Collins

B/E Aerospace stockholders voted in favor of the proposal to adopt the previously announced Agreement and Plan of Merger, dated October 23, 2016 by and among B/E Aerospace and Rockwell Collins, at a special meeting of stockholders held on March 9, 2017. At the special meeting, approximately 99% of all votes cast, which represents approximately 79% of all outstanding shares on January 18, 2017, the record date for the special meeting, were voted in favor of the proposal to adopt the Merger Agreement. Under the terms of the Merger Agreement, each share of B/E Aerospace common stock issued and outstanding immediately prior to the effective time of the merger will be canceled and automatically converted into the right to receive US$34.10 in cash, without interest, and 0.3101 of a share of Rockwell Collins common stock, subject to a 7.5% collar. Based upon Rockwell Collins closing price of US$97.65 on March 8, 2017, the total implied value for each B/E Aerospace share is US$64.38. The merger is subject to certain additional customary closing conditions, including receipt of regulatory approvals in certain jurisdictions. The merger is expected to close during the spring of 2017.