Spirit AeroSystems terminates Asco acquisition deal, more than 2 years after it was announced

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Spirit AeroSystems Holdings Inc. disclosed Friday that ihas reached an agreement to terminate the deal to buy Asco Industries N.V. parent, S.R.I.F. NV. The termination comes after Spirit said earlier this week that the deal may be terminated because conditions of the deal had not been satisfied. The deal was first announced in May 2018 for $650 million, then the purchase price was lowered to $420 million in October 2019. Spirit’s stock, which rose 1.1% in premarket trading Friday, has plunged 74.8% year to date through Thursday, while the S&P 500 has gained 0.5%.
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