Author: Jane Edwards|| Date Published: March 21, 2018
General Dynamics (NYSE: GD) has increased the value of its proposal to acquire CSRA (NYSE: CSRA) from $40.75 per share to $41.25 per share, or approximately $6.9 billion in cash, under an amended merger agreement.
General Dynamics said Tuesday it will also assume $2.8 billion in net debt from the Falls Church, Virginia-based government IT services contractor as part of the amended deal, bringing the total value of the transaction to approximately $9.7 billion.
The revised deal came days afterCACI International (NYSE: CACI) offered to buy CSRA for approximately $7.2 billion in cash and stock, or $44.00 per share.
General Dynamics noted that its tender offer for CSRA™s shares began March 5 and that the increase in the offer price took effect Tuesday.
Both companies expect to close the merger upon the completion of the tender offer, which is scheduled to expire on April 2, and General Dynamics will run CSRA as a wholly owned subsidiary upon the deal™s closure.
Stone Key Group and Jenner & Block LLP respectively act as General Dynamics™ financial and legal advisers in the merger agreement.
Paul, Weiss, Rifkind, Wharton & Garrison LLP serves as CSRA’s legal counsel, while Macquarie Capital and Evercore advise the firm on the transaction™s financial aspects.
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General Dynamics (NYSE: GD) has increased the value of its proposal to acquire CSRA (NYSE: CSRA) from $40.75 per share to $41.25 per share, or approximately $6.9 billion in cash, under an amended merger agreement.
