Defense contractor CACI pulls offer for CSRA [Reuters]
CSRA INC (CSRA)
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Source: Reuters
Defense contractor CACI pulls offer for CSRA | Reuters Reuters Staff 2 Min Read (Reuters) - U.S. defense contractor CACI International Inc ( CACI.N ) withdrew its offer to buy peer CSRA Inc ( CSRA.N ) on Wednesday, losing a month-long bidding war to General Dynamics Corp ( GD.N ). The move comes a week after General Dynamics raised its all-cash offer for CSRA to $6.9 billion from $6.8 billion, making it difficult for CACI to match up. Given that General Dynamics’ offer is in cash, it represents considerably less risk than CACI’s cash-and-stock bid, analysts have said. CACI’s stock fell 7.5 percent a day after it offered to buy CSRA for $15 per share in cash and 0.184 CACI shares for each CSRA share, lowering its overall offer price and giving an edge to General Dynamics. “We will continue our aggressive pursuit of strategic opportunities, judiciously and without engaging in auctions at uneconomic levels,” CACI said. CSRA provides information technology and related services to th
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