Force Protection Buy Complete

General Dynamics announced Monday the completed purchase of Force Protection Inc. of Ladson, for a price of $5.52 per share in cash.

The Virginia-based company made the announcement through a press release. 

The tender offer and withdrawal rights expired on Dec. 16. The tender offer was launched on Nov. 18, following . 

As of Dec. 16, about 51.7 million shares of Force Protection common stock, including about 3.7 million shares subject to guaranteed delivery procedures, were validly tendered and not withdrawn in the offer. That amount represents about 81.7 percent of the outstanding shares of Force Protection common stock.

General Dynamics accepted for payment the shares through its wholly owned subsidiary, Falcon Acquisition Corp.

Force Protection will become a wholly owned subsidiary of General Dynamics as a result of the merger and will become part of General Dynamics Land Systems, which currently competes with Force Protection.

Once the merger is completed, General Dynamics intends to cause all shares of Force Protection common stock to be delisted from the NASDAQ Capital Market, and Force Protection will no longer have reporting obligations under the Securities Exchange Act of 1934, as amended.

Force Protection employs more than 1,000 people in the Charleston area.