Satellite manufacturer Terran orbital CEO Marc Bell told CNBC that “everything” related to the future of the company is being examined Lockheed Martin’s takeover offer.
“We found out about it [Lockheed’s takeover bid] when the rest of the world found out,” Bell said on CNBC’s Manifest Space podcast.
The proposal filed last week by Lockheed values Terran Orbital at nearly $600 million, or about a third of its stock value since the company went public through a special purpose acquisition company (SPAC) two years ago. The defense giant is already a significant shareholder in Terran Orbital, with a 28.3% stake at the time of the proposal.
Terran Orbital declined to comment on a shareholder lawsuit filed Wednesday in response to the company’s board adopting a “poison pill” stock awards plan following Lockheed’s offer.
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Bell emphasized that Lockheed has been “a partner of ours for many years,” but noted that Terran Orbital hired Jefferies in December to lead a strategic review of its path forward, with options ranging from new investors to a possible Selling the company was enough.
“We have had many conversations with many people and are continuing our process. We have no deadline for our process and our goal is to create the greatest possible value for all of our shareholders,” said Bell.
Bell added that Terran Orbital was “gratified” by the offer from Lockheed.
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2024-03-08 19:16:00
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