Leonardo Cancels U.S. IPO of DRS Defense Electronics Unit
- Initial bids were said to fall below $20 low end of target
- Leonardo shares sink as much as 11%, most in more than a year
Source: DRS Defense
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Leonardo SpA canceled the initial public offering of its DRS unit after the Italian aerospace firm failed to attract the price it sought for a stake in the U.S. business.
Leonardo shares sank as much as 11%, the most in more than a year, on Wednesday after it cited market conditions for the decision. The initial bid price was below the $20-22 per share target, people familiar with the matter said.