M&A Update: BAE-EADS Collapse Spawns Potential Mergers, ENGlobal Gets Advice
It is thought that the failure of the BAE-EADS proposed $45 billion merger might put possible deals between tier-two firms such as L-3 Communication Holdings (NYSE:LLL), Rockwell Collins (NYSE:COL), SAIC (NYSE:SAI) and Harris Corporation (NYSE:HRS) in the spotlight, according to industry executives and bankers to Reuters, as defense budgets are being slashed everywhere. In the United States, a lot will depend upon whether Congress avoids the automatic cuts slated to kick in after the first of January.
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Shares of ENGlobal Corporation (NASDAQ:ENG) jump on word that it hired Simmons & Co. to look at possible strategic alternatives, among which include a sale of the firm or some of its assets.