Two regulatory hoops United Technologies Corp. and Raytheon Co. must clear before they can merge are coming up next month.
Shareholder meetings for both entities are set for 8 a.m. Eastern Time Friday, Oct. 11, according to UTC filings with the U.S. Securities and Exchange Commission.
UTC shareowners will decide whether to approve the issuance of company common stock, at $1 per share, to Raytheon stockholders through the merger — an estimated 648 million shares in total.
Majorities of shareholders will need to approve both measures for the proposed merger to go through.
UTC is the parent company of Cedar Rapids’ largest employer, Collins Aerospace.
At the Raytheon meeting, stockholders also will vote on non-binding compensation arrangements for several company executives.
A few other hurdles remain before the companies’ proposed merger into a $121 billion aerospace and defense colossus can proceed.
United Technologies and Raytheon in late June filed premerger notification forms with the Federal Trade Commission and U.S. Justice Department and, in late July, received requests for more information from the department’s Antitrust Division.
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The companies also must obtain a dozen regulatory approvals from other countries, including under competition and foreign investment laws.
Companies executives project that the merger will be completed in the first half of 2020.
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