The shareholders of both Orbital Sciences and Alliant Techsystems have approved the planned US$5bn merger.
ATK and Orbital held separate, special stockholder meetings on 27 January in conjunction with the proposed transaction. Approximately 97% of the…
The shareholders of both Orbital Sciences and Alliant Techsystems have approved the planned US$5bn merger.
ATK and Orbital held separate, special stockholder meetings on 27 January in conjunction with the proposed transaction. Approximately 97% of the 77% of ATK shareholders who voted and 99% of the 85% of Orbital shareholders who voted approved the deal.
David Thompson, Orbital’s chairman and CEO, said: “Today, Orbital’s stockholders endorsed the proposed merger with ATK’s Aerospace and Defense Groups by voting strongly in favour of the transaction, as did ATK shareholders at a separate special meeting also held earlier today.
“We are now on a clear path to completing the merger and beginning operations of Orbital ATK two weeks from today.”
ATK will now spin off its sporting group into Vista Outdoor Inc. Both this separation and the merger are expected to close on 9 February.
On this date, shares of Orbital common stock will be delisted after the close of trading. Orbital shareholders will then receive 0.449 shares of ATK common stock for each share of Orbital common stock that they hold.
ATK will be renamed Orbital ATK, Inc. and shares of Orbital ATK common stock will trade under the new ticker symbol “OA” on the NYSE beginning 10 February.
ATK shareholders will own 53.8% of the combined company with Orbital’s investors’ holding the remaining 46.2%.
The special stockholder meetings for the two companies had originally been scheduled for 9 December 2014 but the dramatic explosion of Orbital’s Antares vehicle shortly after lift-off on 28 October prompted management to put the meetings on hold until a review into the incident was completed.
