Aerojet Rocketdyne Soars After Being Bought by Lockheed for $4.4 Billion [TheStreet.com]
Aerojet Rocketdyne Holdings, Inc. (AJRD)
Last aerojet rocketdyne holdings, inc. earnings: 2/19 04:11 pm
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Source: TheStreet.com
Shares of Aerojet Rocketdyne(AJRDGet ReportLMTAerojet Rocketdyne shares rocketed nearly 27% in premarket trading on Monday after Lockheed said it will pay $51 a share for each Aerojet Rocketdyne share, a 21% premium from Friday’s closing price.As part of the transaction, Aerojet declared a $5 a share special dividend to be paid on March 24, to holders of record as of March 10, bringing the total received by Aerojet shareholders to $56 a share, according to a statement.The transaction will give add Aerojet’s propulsion systems for missiles, rockets and other space and defense applications to Lockheed’s existing arsenal of defense products.“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base,” Lockheed CEO Jim Taiclet said in the statement.The deal follows in the footsteps of Lockheed competitor Raytheon TechnologiesRTXcombined with industrial conglomerate United TechnologiesThe Aerojet transaction is expected to close
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