CHICAGO (AP) -- Boeing said it initiated its cash tender offer for combat engineering firm Argon ST on Thursday.
Boeing announced on June 30 that it planned to buy Argon as an addition to its defense business. It said Argon's board has unanimously approved the offer of $34.50 per share, which will cost Boeing about $775 million.
The tender offer runs through midnight EDT Aug. 4. Shareholders will get $34.50 in cash for each share they tender. Argon shares rose 4 cents to $34.41 in morning trading Thursday.
Argon ST Inc. is a Fairfax, Va., company that develops systems used in surveillance and combat, including reconnaissance equipment mounted on planes, sensors meant to warn of an approaching enemy and special sights to help troops locate snipers in urban warfare.
Shares of Chicago's Boeing Co. rose $1.05 to $64.35.