In 2004, the board of the parent group Alvis approved a £309m takeover bid by the American defence company General Dynamics. Within three months BAE Systems, which already held a 29% stake, bid £355m for the company; this was seen as a defence of the home market from a foreign rival. The bid was accepted by the majority of shareholders. In September 2004, BAE announced the creation of BAE Systems Land Systems, a new company bringing together the BAE subsidiaries, RO Defence and Alvis Vickers, which saw the end of the Vickers name after 176 years. In 2005, the acquisition of United Defense led to the creation of BAE Systems Land and Armaments Group.