Waiting period over for General Dynamics-Veridian deal

General Dynamics Corp.'s planned acquisition of Veridian Corp. has cleared the required waiting period, officials of Falls Church, Va., General Dynamics said today.

The waiting period is required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Neither the Department of Defense nor the Federal Trade Commission objected to General Dynamics' purchase of Arlington, Va.-based Veridian, so the two companies can close the transaction if Veridian shareholders approve the deal. The shareholders will vote Aug. 7.

The proposed acquisition was first announced June 9. Under the terms of the agreement, General Dynamics will pay approximately $1.5 billion for Veridian. The defense firm will pay $35 cash for each outstanding Veridian share and assume Veridian's $270 million debt.

Veridian employs more than 7,300 people in 38 states. The company anticipates 2003 sales of approximately $1.2 billion, and has a business backlog of $2.6 billion. Veridian's 2004 revenue will be about $1.4 billion, General Dynamics officials said. Veridian was ranked No. 22 on Washington Technology's 2003 Top 100 list.

Veridian's capabilities include network security and enterprise protection; intelligence, surveillance and reconnaissance; information systems development and integration; chemical, biological and nuclear detection; and network and enterprise management.

General Dynamics employs approximately 57,000 people worldwide and estimates 2003 revenues of $15 billion. The company was ranked No. 7 on the Top 100 list. Its expertise is in mission-critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems and business aviation.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close

Trending

  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Our databases track awards back to 2013. Read More

  • Navigating the trends and issues of 2016 Nick Wakeman

    In our latest WT Insider Report, we pull together our best advice, insights and reporting on the trends and issues that will shape the market in 2016 and beyond. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.