ARLINGTON, Va. and DULLES, Va., Feb. 9,
2015 /PRNewswire/ -- Alliant Techsystems Inc.
("ATK") (NYSE: ATK) today announced that it has completed the
previously announced tax-free spin-off of its Sporting Group
business to ATK stockholders as a newly formed company named Vista
Outdoor Inc. ("Vista Outdoor"). Following the spin-off, ATK
and Orbital Sciences Corporation ("Orbital") (NYSE: ORB)
successfully completed the tax-free, all-stock merger of ATK's
Aerospace and Defense Groups with Orbital. Upon consummation of the
merger, the combined company's name was changed to "Orbital ATK,
Inc." ("Orbital ATK"). Today, ATK stockholders received two shares
of Vista Outdoor common stock for every share of ATK common stock
held on the record date, February 2,
2015. Orbital stockholders received 0.449 shares of Orbital
ATK common stock for every one share of Orbital common stock.
Vista Outdoor will begin "regular-way" trading under the symbol
"VSTO" on the New York Stock Exchange ("NYSE") on February 10, when markets open. ATK stock will no
longer include the value of Vista Outdoor and will begin trading as
Orbital ATK under the symbol "OA" on the NYSE at the same time.
Orbital will no longer trade as an independent company after market
close today.
Morgan Stanley and BofA Merrill Lynch served as financial
advisors and Cravath, Swaine & Moore LLP acted as legal advisor
to ATK and Vista Outdoor in connection with these transactions.
Citigroup served as financial advisor and Hogan Lovells US LLP
acted as legal advisor to Orbital.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this communication
regarding the spin-off and any other statements regarding Orbital
ATK's and Vista Outdoor's future expectations, beliefs,
plans, objectives, financial conditions, assumptions or future
events or performance that are not historical facts are
"forward-looking" statements made within the meaning of Section 21E
of the Securities Exchange Act of 1934. These statements are often,
but not always, made through the use of words or phrases such as
"may," "will," "expected," "intend," "estimate," "anticipate,"
"believe," "project" or "continue" and similar expressions. All
such forward-looking statements involve estimates and assumptions
that are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from the results
expressed in the statements.
Additional information concerning these and other factors can be
found in Orbital ATK's and Vista Outdoor's filings with the SEC,
including ATK's most recent Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and Vista
Outdoor's registration statement on Form 10 and Current Reports on
Form 8-K. Orbital ATK and Vista Outdoor assume no obligation to
update or revise publicly the information in this communication,
whether as a result of new information, future events or otherwise,
except as otherwise required by law. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak
only as of the date hereof.
About Vista Outdoor
Vista Outdoor is a leading global
designer, manufacturer and marketer in the growing outdoor sports
and recreation markets. The company operates in two segments,
Outdoor Products and Shooting Sports, and has more than 30
well-recognized brands that provide consumers with a range of
performance-driven, high-quality and innovative products in the
ammunition, firearms and outdoor accessories categories. Vista
Outdoor products are sold at leading retailers and distributors
across North America and
worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and
facilities in 10 U.S. States, Puerto
Rico, Mexico and
Canada along with international
sales and sourcing operations in Mexico, Canada, Europe, Australia, New
Zealand and Asia. For news
and information visit www.vistaoutdoor.com or follow us on Twitter
@VistaOutdoorInc and Facebook at www.facebook.com/vistaoutdoor.
About Orbital ATK
Orbital ATK is a global leader in
aerospace and defense technologies. The company designs, builds and
delivers space, defense and aviation-related systems for customers
around the world, both as a prime contractor and merchant
supplier. Its main products include launch vehicles and
related propulsion systems; tactical missiles, subsystems and
defense electronics; precision weapons, armament systems and
ammunition; satellites and associated space components and
services; and composite aerospace structures. Headquartered in
Dulles, Virginia, Orbital ATK
employs more than 12,500 people in 20 states across the U.S. and in
several international locations.
Contact:
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Contact:
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Media
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Media/Investors
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Amanda
Covington
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Barron
Beneski
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Phone:
801-779-4625
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Phone:
703-406-5528
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Email:
amanda.covington@atk.com
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Email:
beneski.barron@orbital.com
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Investors
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Michael
Pici
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Phone:
801-779-4614
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Email:
michael.pici@atk.com
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SOURCE ATK; Orbital Sciences Corporation