Lockheed Martin withdraws bid to buy Terran Orbital
Lockheed Martin yesterday withdrew its early March offer to buy the satellite manufacuture Terran Orbital, purchasing the shares it did not already own for approximately $500 million.
No reason was given, but it appears the other shareholders at Terran Orbital objected to the purchase, and Lockheed probably decided the fight wasn’t worth it.
In that proposal, Lockheed offered to acquire the roughly two-thirds of Terran Orbital stock it did not already own. Lockheed also proposed to pay more than $70 million to buy outstanding stock warrants and either assume or repay $313 million in Terran Orbital debt, putting the total value of the proposal at more than $500 million.
Lockheed, besides being a major investor in Terran Orbital, is a major customer of the company, buying dozens of its smallsat buses for programs such as satellites for the Space Development Agency. Lockheed said in its offer letter that it accounted for 81% of Terran Orbital’s backlog.
Terran Orbital responded to the proposal March 4 with a stockholder rights plan, or “poison pill” move, to prevent a hostile takeover. It acknowledged the proposal and said an independent board committee would evaluate it as part of an ongoing strategic review.
Both companies now say they will continue to work together in the future.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Lockheed Martin yesterday withdrew its early March offer to buy the satellite manufacuture Terran Orbital, purchasing the shares it did not already own for approximately $500 million.
No reason was given, but it appears the other shareholders at Terran Orbital objected to the purchase, and Lockheed probably decided the fight wasn’t worth it.
In that proposal, Lockheed offered to acquire the roughly two-thirds of Terran Orbital stock it did not already own. Lockheed also proposed to pay more than $70 million to buy outstanding stock warrants and either assume or repay $313 million in Terran Orbital debt, putting the total value of the proposal at more than $500 million.
Lockheed, besides being a major investor in Terran Orbital, is a major customer of the company, buying dozens of its smallsat buses for programs such as satellites for the Space Development Agency. Lockheed said in its offer letter that it accounted for 81% of Terran Orbital’s backlog.
Terran Orbital responded to the proposal March 4 with a stockholder rights plan, or “poison pill” move, to prevent a hostile takeover. It acknowledged the proposal and said an independent board committee would evaluate it as part of an ongoing strategic review.
Both companies now say they will continue to work together in the future.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
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