Aerojet Rocketdyne Holdings, Inc. (AJRD)
After hours:
- Bloomberg
Lockheed Deal With Aerojet Is in Jeopardy as FTC Files Suit
(Bloomberg) -- U.S. antitrust regulators sued to block Lockheed Martin Corp.’s $4.4 billion purchase of Aerojet Rocketdyne Holdings Inc., signaling that the Biden administration will get tough on deals that could reduce defense industry competition.Most Read from BloombergStock Rebound Fails and Futures Plunge on Earnings: Markets WrapNvidia Quietly Prepares to Abandon $40 Billion Arm BidMark Zuckerberg’s Stablecoin Ambitions Unravel With Diem Sale TalksStocks Storm Back From 4% Rout to Close Hi
- Motley Fool
Why Aerojet Rocketdyne Shares Are Crashing Today
Shares of Aerojet Rocketdyne Holdings (NYSE: AJRD) fell 15% at the open on Tuesday due to fresh doubt about the company's pending $4.4 billion deal to be acquired by Lockheed Martin (NYSE: LMT). In December 2020, Lockheed announced plans to acquire Aerojet for $56 per share in cash, a premium of 33% to the target's closing price prior to the announcement. Lockheed would be investing in space, one of the few areas ripe for sustained growth.
- Reuters
U.S. FTC to sue to block Lockheed Martin's $4.4 billion Aerojet deal
WASHINGTON (Reuters) -The U.S. Federal Trade Commission said on Tuesday it voted unanimously to sue to block arms maker Lockheed Martin's proposed $4.4 billion purchase of rocket engine maker Aerojet Rocketdyne Holdings Inc over antitrust concerns. Lockheed CEO Jim Taiclet said the company will review the FTC's planned challenge, adding: "With the filing of the suit, we may elect to defend the lawsuit or terminate the merger agreement." Lockheed is the No. 1 U.S. defense contractor by sales.
