Orbital ATK Stockholders Approve Acquisition by Northrop Grumman Corporation
November 29 2017 - 10:09AM
Business Wire
Orbital ATK, Inc. (NYSE: OA), a global leader in aerospace and
defense technologies, today announced that its stockholders
overwhelmingly approved the merger agreement providing for the
proposed acquisition of Orbital ATK by Northrop Grumman Corporation
(NYSE: NOC) at a special meeting of stockholders held on November
29, 2017.
Holders of more than 99% of Orbital ATK’s common stock present
at the meeting or represented by proxy voted in favor of approving
and adopting the merger agreement, which represented approximately
79% of the total number of outstanding shares of Orbital ATK’s
common stock as of the October 10, 2017 record date for the special
meeting.
“The acquisition of Orbital ATK by Northrop Grumman creates
substantial value for our stockholders and enhances our capability
to accelerate product development and technology innovation in
support of our customers’ critical missions. The transaction also
enables our employees to benefit from new opportunities and career
paths as part of a larger and more diverse aerospace and defense
company,” said David W. Thompson, Orbital ATK’s President and Chief
Executive Officer.
The company expects the transaction to close in the first half
of 2018, pending receipt of regulatory approvals.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense
technologies. The company designs, builds and delivers space,
defense and aviation systems for customers around the world, both
as a prime contractor and merchant supplier. Its main products
include launch vehicles and related propulsion systems; missile
products, subsystems and defense electronics; precision weapons,
armament systems and ammunition; satellites and associated space
components and services; and advanced aerospace structures.
Headquartered in Dulles, Virginia, Orbital ATK employs
approximately 13,000 people across the U.S. and in several
international locations. For more information, visit
www.orbitalatk.com.
Cautionary Statement Regarding Forward Looking
Statements
This communication may contain forward-looking statements made
pursuant to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements often
include the words “forecast,” “expect,” “believe,” “will,”
“intend,” “plan,” and words of similar substance. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results or performance to differ materially
from those expressed in or contemplated by the forward-looking
statements, including the risk that the proposed acquisition of
Orbital ATK by Northrop Grumman may not be completed in a timely
manner or at all, which may adversely affect Orbital ATK’s business
and the price of Orbital ATK’s common stock; potential increased
costs, liability, or reputational harm associated with the recent
restatement of the company’s financial statements; the company’s
ability to maintain and grow its relationship with its customers;
reductions or changes in U.S. Government spending; changes in cost
and revenue estimates and/or timing of programs and payments; the
potential termination of U.S. Government contracts; failure to win
or retain key contracts; supply, availability, and cost of raw
materials and components; performance of subcontractors and other
third parties; development of key technologies; the costs and
ultimate outcome of contingencies, including litigation, government
investigations and other legal proceedings; and other risks
described in Orbital ATK’s filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
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Orbital ATK, Inc.Media/Investor Contact:Barron Beneski,
703-406-5528Public and Investor
Relationsbarron.beneski@orbitalatk.com
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