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 Applied Solar Energy Corp. of City of Industry, Calif., said 
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it and its majority shareholder, American Cyanamid Co., signed a non-binding letter of intent for the acquisition of Applied Solar by McDonnell Douglas Corp. for about $38 million.
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 The proposed acquisition provides for a cash payment of $10 a share at closing and a contingent payment of as much as 80 cents a share 
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placed in escrow.
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 Details of the escrow agreement haven't been completed,
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 the companies said.
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 There are 3.5 million shares of Applied Solar, 
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of which American Cyanamid owns 2.7 million. 
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American Cyanamid is a Wayne, N.J., chemicals, drugs and fertilizer concern.
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 Completion of the acquisition is subject to execution of a definitive agreement, approval by all three companies' boards and the approval of Applied Solar's shareholders.
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 An Applied Solar spokesman said 
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completion is expected at the end of the year or early next year.
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 A spokeswoman for the St. Louis aerospace and defense concern said
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 it wanted the acquistion 
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because Applied Solar is involved in solar cells and solid-state laser components,
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 and this fits with McDonnell's business of laser applications for military space.
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