The popular vote for the Wash100 continues this week! Voting turn out has been strong since the January 25th launch of the popular vote, and all of us at Executive Mosaic extend our thanks to those who have participated. If you have yet to place your ten votes for the executives that you believe will have the greatest influence on the government contracting landscape over the course of the next year, please visit the Wash100 voting page by April 30th.
The current top five executives are:
In the past month the acquisition of CSRA has been underway. Initially, it seemed apparent that General Dynamics would be purchasing the Falls Church, VA-based government IT services contractor, but in the last week the acquisition of CSRA developed into a bidding war between General Dynamics and CACI International. Here’s a look at the events that transpired between the three companies and where the acquisition process currently stands.
In mid-February, General Dynamicsannounced that it had agreed to purchaseCSRA for approximately $9.6 billion. General Dynamics said that it would pay $40.75 in cash for each share of CSRA stock, amounting to approximately $6.8 billion, and would assume CSRA’s $2.8 billion in debt. Phebe Novakovic, chairman and CEO of General Dynamics and 2018 Wash100 recipient, said that the acquisition would enable General Dynamics’ IT business to expand its capabilities and client base and better provide IT platform services to the intelligence, defense and federal civilian sectors. Larry Prior, president and CEO of CSRA and 2018 Wash100 recipient, said that the combination of General Dynamics’ IT business and CSRA would create an entity “with a full spectrum of enterprise IT capabilities.”
On March 18th, however, CACI Internationalannounced its proposal to acquire CSRA for $44 per share in cash and stock, which comes out to approximately $7.2 billion. In a company press release, CACI said that its board had unanimously voted to go ahead with the acquisition proposal. CACI’s proposal came about a month after General Dynamics’ offer and proposed to purchase CSRA for a greater sum without inheriting the company’s $2.8 billion debt.
A few days after CACI’s bid, General Dynamics increased the value of its proposal, offering to purchase CSRA for $41.25 per share, approximately $6.9 billion in cash, as well as assuming CSRA’s $2.8 billion debt. In a press release from March 20th, General Dynamics noted that its tender offer for CSRA’s shares began on March 5th and that the price increase took effect on March 20th. General Dynamics and CSRA expect to close the deal once the tender offer is completed on April 2nd. Upon completion of the acquisition, General Dynamics will run CSRA as a wholly owned subsidiary.
THIS WEEK’S TOP NEWS STORIES
Weekly Contract Awards This week’s top GovCon contract awards: BAE Systems, Black Box, BWX Technologies, Lockheed Martin, Huntington Ingalls Industries, and Vectrus, among others.
CACI Offers $7.2B Cash & Stock for CSRA CACI International has offered to acquire CSRA for approximately $7.2 billion in cash and stock, or $44.00 per share, in a bid to form a combined entity that will deliver mission services and enterprise support offerings to government clients.
Thomas Bonina, a senior vice president at Koniag Government Services, has elevated to the role of president of health information technology operating group at the Chantilly, Virginia-based federal tech services contractor, GovCon Wire has learned. In this capacity, he oversees a team of health IT professionals focused on delivering services to the Defense Health Agency,
David Gitlin, former president and chief operating officer of Collins Aerospace, has been elected to the board of directors at Boeing (NYSE: BA). Gitlin is the seventh independent director to join Boeing’s board since April 2019 and will serve on the board’s aerospace safety and finance committees, the company said Tuesday. He has served as
Lockheed Martin (NYSE: LMT), Westinghouse and IX are set to receive 12-month, $5 million contracts from the Department of Energy’s Idaho National Laboratory to develop conceptual designs of a 40-kilowatt class fission power system for a NASA-funded lunar technology demonstration initiative. NASA said Tuesday it will collect data from industry teams during the first phase