General Dynamics Boosts Offer for CSRA
March 20 2018 - 10:12AM
Dow Jones News
By Doug Cameron
General Dynamics Corp. on Tuesday boosted its offer for CSRA
Inc. in an effort to fend off the unsolicited bid for the federal
information technology provider from rival CACI International
Inc.
The maker of Abrams tanks and Gulfstream business jets raised
its all-cash offer for CACI to $41.25 a share from $40.75 to rival
the cash and stock counterbid made by CACI last week.
CACI's bid had been worth $44 per share before a big slide in
its stock price on Monday as investors expressed concern about the
debt it would have to take on to finance a bid. CACI's offer is
worth $41.79 a share, based on Monday's closing price, but it would
also have to fund a $204 million break up fee.
CSRA's board recommended the new General Dynamics offer to its
shareholders.
General Dynamics' tender offer for CSRA runs through April 2
after reaching an agreed deal last month. The company on Sunday
criticized elements of CACI's unsolicited bid.
CSRA shares were up almost 1% at $41.35 in pre-open trade.
Write to Doug Cameron at doug.cameron@wsj.com
(END) Dow Jones Newswires
March 20, 2018 09:57 ET (13:57 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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