CACI withdraws offer to acquire CSRA

CACI withdraws offer to acquire CSRA

 

CSRA sold for $9.6 billion. Stockwinners.comCACI withdraws offer to acquire CSRA

CACI International (CACI) announced that it has withdrawn its previously announced offer to acquire all outstanding shares of CSRA (CSRA) for $44.00 per share in cash and stock.

CACI delivered a letter withdrawing its offer to CSRA’s Board Chair and CEO.

With regard to the decision to withdraw its offer, CACI CEO Kenneth Asbury commented, “CACI continues to believe that CACI and CSRA would be the superior strategic and financial business combination. The potential for such a high value and transformational transaction certainly warranted our pursuit of this unique opportunity. We will continue our aggressive pursuit of strategic opportunities, judiciously and without engaging in auctions at uneconomic levels…As demonstrated by our performance and increased guidance for Fiscal Year 2018, CACI is in a strong position for future growth.

We will continue to evaluate new opportunities to grow our business in ways consistent with our disciplined approach to M&A and the capture of major programs.

We are very confident in our time-tested business strategy to bring our unique, innovative, value-add capabilities to our customers and marketplace, and our commitment to increase shareholder value.”

General Dynamics (GD) and CSRA recently announced that they have entered into an amendment to their definitive merger agreement under which General Dynamics will acquire all outstanding shares of CSRA for $41.25 per share in cash, an increase from the prior $40.75 per share offer.


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This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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