Unaudited Pro Forma Condensed Combined Financial Statements and Accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Statements UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTSHarris Corp /De/ • April 22nd, 2015 • Search, detection, navagation, guidance, aeronautical sys
On February 5, 2015, Harris, Merger Sub and Exelis entered into the Merger Agreement pursuant to which Merger Sub will be merged with and into Exelis, with Exelis surviving the Merger as a wholly owned subsidiary of Harris. The accompanying unaudited pro forma condensed combined financial statements have been prepared to illustrate the effect of the Merger. Each share of Exelis common stock issued and outstanding immediately prior to the effective time will be canceled and converted automatically into the right to receive, in accordance with the terms of the Merger Agreement, the per share Merger consideration, which consists of (1) $16.625 in cash, without interest, and (2) 0.1025 shares of Harris common stock. This consideration represented a value of $23.75 per share for Exelis common stock, or an enterprise value of approximately $4.75 billion, based on the closing price of Harris common stock as of February 5, 2015 of $69.49 per share and approximately 186 million shares of Exelis
