CSRA confirms receipt of unsolicited proposal
CSRA (CSRA) confirmed receipt of an unsolicited proposal from CACI International (CACI) to acquire all of the outstanding shares of CSRA common stock for a combination of CACI common stock and cash, consisting of CACI common stock based on a fixed exchange ratio of 0.184 shares of CACI common stock for each share of CSRA common stock, and cash equal to $15 per share.
The combination of cash and stock is equal to approximately $44 per share, based upon CACI’s closing price on March 16, 2018 of $157.45 per share.
As previously announced on February 12, 2018, following unanimous approval from the company’s Board of Directors, CSRA entered into an Agreement and Plan of Merger with General Dynamics Corporation (GD) under which a wholly owned subsidiary of General Dynamics has agreed to acquire all outstanding shares of CSRA common stock for $40.75 per share in cash. Pursuant to the Merger Agreement, a wholly owned subsidiary of General Dynamics has commenced a tender offer to acquire all of the outstanding shares of CSRA common stock for $40.75 per share in cash.
The Offer is scheduled to expire at 11:59 p.m., New York City time, on April 2, 2018, unless extended or earlier terminated in accordance with the Merger Agreement.
CSRA’s Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the Proposal. CSRA remains subject to the Merger Agreement.
The CSRA Board of Directors has not changed its recommendation that CSRA stockholders tender their shares of CSRA common stock pursuant to the Offer.
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