BETHESDA, Md., May 24, 2019 /PRNewswire/ -- Lockheed Martin
Corporation (NYSE: LMT) has received notice of an unsolicited
"mini-tender" offer by Peer & Peri LLC to purchase up to 10,000
shares of Lockheed Martin's common stock. Peer & Peri's offer
price of $269.00 per share is
approximately 20.41 percent lower than the $337.99 closing price of Lockheed Martin common
stock on May 17, 2019, the last
trading day before the commencement of the offer.
Lockheed Martin is not affiliated in any way with Peer &
Peri, the offer, or the offer documentation. However, the
rules and regulations of the Securities Exchange Act of 1934
require Lockheed Martin to publicize its position with respect to
the offer. Lockheed Martin recommends against stockholders
tendering shares in response to the offer, as the offer price was
significantly below the market price of Lockheed Martin's common
stock at the commencement of the offer and is also significantly
below the current market price.
Mini-tender offers seek to acquire less than five percent of a
company's outstanding shares, thereby avoiding many disclosure and
procedural requirements under U.S. federal securities laws and the
rules and regulations of the U.S. Securities and Exchange
Commission (SEC). As a result, mini-tender offers do not
provide investors with the same level of protections as provided by
larger tender offers under the U.S. federal securities
laws.
The SEC has cautioned investors about mini-tender offers, noting
that "some bidders make mini-tender offers at below-market prices,
hoping that they will catch investors off guard if the investors do
not compare the offer price to the current market price." The SEC's
tips for investors regarding mini-tender offers may be found at
http://www.sec.gov/investor/pubs/minitend.htm.
Lockheed Martin urges stockholders to obtain current market
quotations for their shares, review the conditions of the
mini-tender offer, consult with their brokers or financial
advisors, and exercise caution with respect to the mini-tender
offer.
According to Peer & Peri's offer documents received by the
company, stockholders who have already tendered their shares may
withdraw their shares by providing notice in the manner described
in Peer & Peri's offer documents prior to the expiration of the
offer, currently scheduled to expire at 5:00
p.m., New York time, on
June 20, 2019.
Lockheed Martin encourages broker-dealers and other market
participants in the dissemination of the offer to review the SEC's
recommendations to broker-dealers in these circumstances, which can
be found on the SEC website at
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm
and Information Memo Number 01-27 issued by the NYSE on
Sept. 28, 2001, which can be found on
the NYSE website at
https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-interpretations/2001/01-27.pdf
regarding the dissemination of mini-tender offer materials.
Lockheed Martin requests that a copy of this news release be
included with all distributions of materials relating to Peer &
Peri's offer.
About Lockheed Martin
Headquartered in Bethesda,
Maryland, Lockheed Martin Corporation is a global security
and aerospace company that employs approximately 105,000 people
worldwide and is principally engaged in the research, design,
development, manufacture, integration and sustainment of advanced
technology systems, products and services.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lockheed-martin-recommends-stockholders-reject-mini-tender-offer-by-peer--peri-300856352.html
SOURCE Lockheed Martin