Orbital ATK shareholders vote to approve acquisition by Northrop Grumman

0
76

Orbital ATK shareholders voted overwhelmingly Nov. 29 to approve the merger agreement between the company and Northrop Grumman.

Holders of more than 99 percent of Orbital ATK’s common stock present at the meeting or represented by proxy voted in favor of approving and adopting the merger agreement, which represented approximately 79 percent of the total number of outstanding shares of Orbital ATK’s common stock as of the Oct. 10, 2017 record date for the special meeting.

“The acquisition of Orbital ATK by Northrop Grumman creates substantial value for our stockholders and enhances our capability to accelerate product development and technology innovation in support of our customers’ critical missions,” said David W. Thompson, president and CEO of Orbital ATK. “The transaction also enables our employees to benefit from new opportunities and career paths as part of a larger and more diverse aerospace and defense company.”

The company expects the transaction to close in the first half of 2018, pending receipt of regulatory approvals.

Northrop’s Chairman, CEO and President, Wes Bush said the agreement will benefit customers, shareholders and employees.

“We are delighted to see that Orbital ATK’s shareholders have approved the proposed acquisition,” he said.“Bringing together these two great companies will benefit our customers, shareholders and employees.The combination will provide increased competition, greater innovation and a broader set of capabilities, to help our customers solve their toughest challenges.”