CHRYSLER &lt;C> TO TENDER FOR ELECTROSPACE &lt;ELE>
  Chrysler Corp said Electrospace Systems
  Inc agreed to be acquired under a merger agreement in which
  Chrysler will tender 27 dlrs a share for 100 pct of the
  Richardson, Texas-based defense electronics contractor.
      It said total cost to Chrysler to buy all of the
  outstanding stock would be about 367 mln dlrs.
      Electrospace Systems designs, develops and installs
  communications and electronic  systems and equipment for the
  specialized needs of military and commercial customers
  worldwide.
      Chrysler said Electrospace will help its Gulfstream
  operations grow in military and commercial aircraft sales.
      But it said there are no plans to merge Gulfstream and
  Electrospace. Rather, they will operate as "sister companies,"
  it said.
      Chrysler said its tender offer is expected to begin by June
  25 and will be managed by First Boston Corp.
      For the fiscal year ended April 3, 1987, Electrospace
  Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs.
  The company employs 2,500 people. About 92 pct of its sales
  were to the military.
  

