Harris And L3 Posting Substantial Gains After Announcing Merger

(RTTNews) - After moving sharply higher early in the session, shares of Harris Corp. (HRS) and L3 Technologies, Inc. (LLL) continue to see considerable strength in late-day trading on Monday. Harris and L3 are currently up by 12.2 percent and 13.4 percent, respectively.

The rally by Harris and L3 comes after the defense contractors agreed to combine in an all stock merger of equals to create a global defense technology leader.

Under the terms of the agreement, L3 shareholders will receive a fixed exchange ratio of 1.30 shares of Harris common stock for each share of L3 common stock, consistent with the 60-trading day average exchange ratio of the two companies.