Litton and Investors Alter Terms of Sperry Deal
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Litton Industries Inc. and an investment partnership have changed the terms of their deal to acquire Sperry Marine Inc.
Under the new agreement, Litton and J.F. Lehman & Co. will pay about $158 million in cash for the supplier of advanced electronic navigation and guidance systems.
The initial deal had called for Litton to issue 2.2 million shares of its common stock to acquire Sperry.
Based in Woodland Hills, Litton is a leading defense electronics and shipbuilding concern.
