Aerojet Rocketdyne Up About 25% After Lockheed Deal
December 21 2020 - 2:41PM
Dow Jones News
By Michael Dabaie
Aerojet Rocketdyne Holdings Inc. shares were up about 25%, to
$52.32, in Monday afternoon trading.
Lockheed Martin Corp. said Sunday it would acquire Aerojet
Rocketdyne for $56 per share in cash, which is expected to be
reduced to $51 per share after the payment of a pre-closing special
dividend.
Lockheed said this represents a post-dividend equity value of
$4.6 billion and a total transaction value of $4.4 billion
including the assumption of net cash.
Aerojet Rocketdyne declared a $5-a-share pre-closing special
dividend to holders of its common shares and convertible senior
notes.
Aerospace and defense rocket engine manufacturer Aerojet
Rocketdyne had 2019 revenue of about $2 billion and has nearly
5,000 employees and 15 primary operations sites across the
U.S.,
Lockheed's plan to acquire Aerojet Rocketdyne solidifies its
focus on hypersonics, J.P. Morgan said in a note on Lockheed.
Lockheed Martin shares were down 1%, to $351.91.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 21, 2020 14:26 ET (19:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Lockheed Martin (NYSE:LMT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lockheed Martin (NYSE:LMT)
Historical Stock Chart
From Sep 2023 to Sep 2024