ATK and Orbital Sciences Corporation complete merger
By Loren Blinde
February 9, 2015
Alliant Techsystems Inc. (ATK) announced on February 9 that it has completed the previously announced tax-free spin-off of its Sporting Group business to ATK stockholders as a newly formed company named Vista Outdoor Inc. (“Vista Outdoor”). Following the spin-off, ATK and Dulles, VA-based Orbital Sciences Corporation (“Orbital”) successfully completed the tax-free, all-stock merger of ATK’s Aerospace and Defense Groups with Orbital.
Upon consummation of the merger, the combined company’s name was changed to “Orbital ATK, Inc.” (“Orbital ATK”). Today, ATK stockholders received two shares of Vista Outdoor common stock for every share of ATK common stock held on the record date, February 2, 2015. Orbital stockholders received 0.449 shares of Orbital ATK common stock for every one share of Orbital common stock.
Orbital ATK is a global leader in aerospace and defense technologies. The company designs, builds and delivers space, defense and aviation-related systems for customers around the world, both as a prime contractor and merchant supplier. Its main products include launch vehicles and related propulsion systems; tactical missiles, subsystems and defense electronics; precision weapons, armament systems and ammunition; satellites and associated space components and services; and composite aerospace structures.
Vista Outdoor will begin “regular-way” trading under the symbol “VSTO” on the New York Stock Exchange (“NYSE”) on February 10, when markets open. ATK stock will no longer include the value of Vista Outdoor and will begin trading as Orbital ATK under the symbol “OA” on the NYSE at the same time. Orbital will no longer trade as an independent company after market close today.
Morgan Stanley and BofA Merrill Lynch served as financial advisors and Cravath, Swaine & Moore LLP acted as legal advisor to ATK and Vista Outdoor in connection with these transactions. Citigroup served as financial advisor and Hogan Lovells US LLP acted as legal advisor to Orbital.
Source: Orbital ATK Inc.
