US defence electronics specialist DRS technologies has rejected an unsolicited takeover offer worth more than $1 billion from acquisitive L-3 Communications. New Jersey-based DRS, which saw sales jump 44% to $1 billion in the year just ended after its November purchase of Integrated Defense Technologies for $543 million, says its board has confidence in the company's growth prospects. L-3's biggest acquisition to date was the 2002 purchase of Raytheon's aircraft integration business for $1.13 billion.
Source: Flight International