The planned merger of Orbital Sciences Corp. and Alliant Techsystems Inc.’s defense and aerospace business got the attention of the Pentagon, which plans to review the union to ensure it doesn't negatively impact competition.
Writing online for the Washington Business Journal, Senior Staff Reporter Jill R. Aitoro indicates:QuoteThe planned merger of Orbital Sciences Corp. and Alliant Techsystems Inc.’s defense and aerospace business got the attention of the Pentagon, which plans to review the union to ensure it doesn't negatively impact competition.The full story:Pentagon to review planned ATK-Orbital mergerMay 9, 2014http://www.bizjournals.com/washington/blog/fedbiz_daily/2014/05/pentagon-to-review-planned-atk-orbital-merger.html
Considering the non-competed 36 core block-buy deal that was recently closed I find this somewhat ironic.
Companies Announce January 27 as New Date of Special Stockholder Meetings and Anticipated February 2015 Closing in Connection with Previously Announced Transaction to Merge ATK’s A&D Businesses with OrbitalArlington, Va., Nov. 17, 2014—Alliant Techsystems Inc. (“ATK”) (NYSE: ATK) and Orbital Sciences Corporation (“Orbital”) (NYSE: ORB) announced today that the two companies have set January 27, 2015 as the new date for their separate, special stockholder meetings in connection with the proposed transaction to spin off ATK’s Sporting Group business and immediately thereafter, merge ATK’s Aerospace and Defense Groups with Orbital. On October 28, 2014, both companies communicated they would hold separate, special stockholder meetings on December 9, 2014 for ATK stockholders to vote on the issuance of shares to stockholders of Orbital and for Orbital stockholders to approve the proposed transaction. Following this announcement on October 28, 2014, a failure occurred during Orbital’s Antares launch. Since the incident, the companies have conducted a thorough review and analysis of the launch failure and Orbital’s proposed recovery plan and long-term competitive position. Following this review, ATK’s board of directors continues to support the strategic merits of the transaction and recommends that ATK stockholders vote to approve the issuance of shares to Orbital stockholders. Orbital’s board of directors also continues to recommend that Orbital stockholders vote to approve the proposed transaction.“During the course of the last two weeks, both companies have diligently evaluated and analyzed information relating to the Antares incident and Orbital’s go-forward plan,” said Mark DeYoung, President and Chief Executive Officer of ATK. “We believe it was responsible and essential to conduct this special due diligence and as a result of our findings, management and our board of directors continue to endorse the previously announced transaction. The strategy to spin off our sporting business and merge our A&D businesses with Orbital supports long-term value creation, enhances the competitive position of both our sporting and A&D businesses, and makes long-term sense for our shareholders, employees, company, and our very diverse set of customers.”“Working with NASA, our primary Antares customer, and our industrial suppliers, Orbital has implemented a comprehensive go-forward plan to fulfill the company’s commitment to the space agency’s commercial cargo program and to upgrade the propulsion system on the Antares rocket. As previously announced, Orbital does not believe this plan will cause material adverse financial changes in 2015 or future years,” said David W. Thompson, Chairman, President and Chief Executive Officer of Orbital.As a result of the Antares launch failure and the time required to complete the subsequent review process, the companies have postponed the special stockholder meetings until January 27, 2015, to be held at each company’s respective corporate headquarters. ATK and Orbital stockholders of record as of the close of business on December 16, 2014 will be entitled to vote at their respective special stockholder meetings. The record date for the spinoff will be determined and publicly announced at a later date.The transaction is expected to close in February 2015, and is subject to customary closing conditions including regulatory approvals and the approval of both ATK’s and Orbital’s stockholders. Additional information concerning the special meetings and the transaction will be included in an amendment to the ATK registration statement on Form S-4, which will be filed with the Securities and Exchange Commission and, once declared effective, the joint proxy statement/prospectus will be mailed to ATK and Orbital stockholders who are entitled to vote at the respective special meetings.
ATK to Hold Conference Call to Update Investors on Previously Announced Transaction with Orbital and on the Sporting Business MarketNov 17, 2014ARLINGTON, Va., Nov. 17, 2014 /PRNewswire/ -- Alliant Techsystems Inc. ("ATK") (NYSE: ATK) announced it will hold an investor conference call and webcast to update investors on the proposed transaction to spin off ATK's Sporting Group business and immediately thereafter, merge ATK's Aerospace and Defense Groups with Orbital Sciences Corporation ("Orbital") (NYSE: ORB). ATK expects to discuss its thorough review and analysis of Orbital's Antares launch failure, proposed recovery plan and long-term competitive position. As previously announced, ATK's board of directors continues to support the strategic merits of the proposed transaction and recommends that ATK stockholders vote to approve the related issuance of shares to Orbital stockholders in connection with the merger. In addition to the proposed transaction, ATK will update investors on the sporting market. ATK may also discuss its outlook and matters of strategy during the call. Conference call details are as follows:This call is being webcast and can be accessed at ATK's website http://ir.atk.com/phoenix.zhtml?c=118594&p=irol-audioarchives. Information about downloading Windows Media Player software, which is required to access the webcast, will be available on the website.When: 4:30 p.m. ET, Wednesday, Nov. 19, 2014Who: Mark DeYoung, President and Chief Executive Officer Neal Cohen, Executive Vice President and Chief Financial Officer Michael Pici, Director of Investor RelationsTelephone recording: For those who cannot participate in the live webcast, a telephone recording of the conference call will be available. The telephone number is 719-457-0820, and the confirmation code is 3072897. The recording will be available for one month after the call.Institutional investors can access the call via a password-protected event management site, StreetEvents (www.streetevents.com).
New sign for the Super Group! (Sent to me just now)
Quote from: Chris Bergin on 02/06/2015 01:02 pmNew sign for the Super Group! (Sent to me just now)For a super group they sure have done a poor job in cleaning that wall (for getting rid of the dirt-covered outline of the previous sign) and plugging the holes from the previous sign.
Quote from: mmeijeri on 04/29/2014 05:34 pmQuote from: Space Ghost 1962 on 04/29/2014 05:13 pmNo - where's the satellite component?Who says there has to be one? I do.The majority of revenue in this business is in the payload, not the launch services. Thus, what made Orbital grow and be attractive for this merger was to be able to sell either sats plus external launch services, or "full service" sat on orbit.How do you compete with that otherwise.Pardon me, but are we arguing aerospace economics, aerospace management, or aerospace strategy? Or your whim for the sake of argument? I'm honestly clueless to your post.Quote from: mmeijeri on 04/29/2014 05:34 pmQuoteULA exists off of Boeing and Lockheed's joint desire to exploit EELV as long as possible. Wrecks financial performance to add a capital sink like low volume engines you only consume and might not sell to others enough. Also, neither Boeing or Lockheed would supply enough capital to spin-off something that could on its own compete against either or both of them.It doesn't have to be ULA buying Aerojet. I'd guess the reverse or a true merger is more likely.Then what would be the point of such a merger? Because its cool to you?Businesses merge when they need to restructure strategically. Clearly here ATK is dead-ended and cannot adapt, it needs to get out of the box. Orbital is under resourced and can do more. So it makes sense. What is your rational for a ULA merger?Am I asking to much of you to explain your reasoning beyond whim all to present in these threads?
Quote from: Space Ghost 1962 on 04/29/2014 05:13 pmNo - where's the satellite component?Who says there has to be one?
No - where's the satellite component?
QuoteULA exists off of Boeing and Lockheed's joint desire to exploit EELV as long as possible. Wrecks financial performance to add a capital sink like low volume engines you only consume and might not sell to others enough. Also, neither Boeing or Lockheed would supply enough capital to spin-off something that could on its own compete against either or both of them.It doesn't have to be ULA buying Aerojet. I'd guess the reverse or a true merger is more likely.
ULA exists off of Boeing and Lockheed's joint desire to exploit EELV as long as possible. Wrecks financial performance to add a capital sink like low volume engines you only consume and might not sell to others enough. Also, neither Boeing or Lockheed would supply enough capital to spin-off something that could on its own compete against either or both of them.
Quote from: Space Ghost 1962 on 04/29/2014 06:04 pmQuote from: mmeijeri on 04/29/2014 05:34 pmQuote from: Space Ghost 1962 on 04/29/2014 05:13 pmNo - where's the satellite component?Who says there has to be one? I do.The majority of revenue in this business is in the payload, not the launch services. Thus, what made Orbital grow and be attractive for this merger was to be able to sell either sats plus external launch services, or "full service" sat on orbit.How do you compete with that otherwise.Pardon me, but are we arguing aerospace economics, aerospace management, or aerospace strategy? Or your whim for the sake of argument? I'm honestly clueless to your post.Quote from: mmeijeri on 04/29/2014 05:34 pmQuoteULA exists off of Boeing and Lockheed's joint desire to exploit EELV as long as possible. Wrecks financial performance to add a capital sink like low volume engines you only consume and might not sell to others enough. Also, neither Boeing or Lockheed would supply enough capital to spin-off something that could on its own compete against either or both of them.It doesn't have to be ULA buying Aerojet. I'd guess the reverse or a true merger is more likely.Then what would be the point of such a merger? Because its cool to you?Businesses merge when they need to restructure strategically. Clearly here ATK is dead-ended and cannot adapt, it needs to get out of the box. Orbital is under resourced and can do more. So it makes sense. What is your rational for a ULA merger?Am I asking to much of you to explain your reasoning beyond whim all to present in these threads?Bump.
Nope, I did not predict this, I was just annoyed at the brusque and condescending way you declared it a silly thought.