|
. | . |
|
by Staff Writers Minneapolis MN (SPX) May 12, 2008
Alliant Techsystems was informed the Canadian Minister of Industry has disapproved the sale of Canadian-based MacDonald, Dettwiler and Associates' Information Systems and Geospatial Services businesses to ATK. Canadian Investment Review officials informed ATK that the Canadian objection relates to potential extraterritorial application of U.S. export law. As a result, ATK will take an approximate $6.6 million pre-tax charge ($3.9 million after-tax, or $0.11 per share), for transaction-related expenses that will be applied to the company's FY08 fourth-quarter results. The company previously stated that its FY09 financial guidance did not include any revenue or EBIT from the proposed transaction. The company is reaffirming its FY09 guidance, which includes earnings per share in a range of $7.15 - $7.35, and sales of approximately $4.5 billion. While ATK is disappointed that the MDA acquisition did not close, the company will continue pursuing a disciplined capital deployment strategy that includes strategic acquisitions, debt repayment and share repurchases. ATK is a premier aerospace and defense company with more than 17,000 employees in 21 states and approximately $4.5 billion in revenue. News and information can be found on the Internet at http://www.atk.com.
related report "I have confirmed my initial decision that I am not satisfied that ATK's proposed acquisition of the Information Systems Business of MDA would likely be of net benefit to Canada. I reached this decision after an extensive and rigorous review process," said Minister Prentice. "Foreign investment plays an important role in the Canadian economy. Foreign investors bring with them capital, knowledge, capabilities and technology that can increase the productivity, efficiency and competitiveness of Canadian firms. However, where a significant transaction does not demonstrate net benefit to Canada, it cannot be approved under the Investment Canada Act." Based on this decision, ATK cannot implement its proposed acquisition of the Information Systems Business of MDA.
Related Links The latest information about the Commercial Satellite Industry
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement |