By Dean SealLockheed Martin has submitted a nonbinding offer to buy satellite maker Terran Orbital's 223 million outstanding shares for $1 each and pay $70 million for its outstanding warrants. "We are committed to an acquisition of Terran and stand ready to work with you to negotiate a mutually acceptable transaction on an expedited timeline," Lockheed said in the letter. Lockheed said it is willing to pay $1 in cash for each share outstanding, based on about 223 million common shares and dilutive stock-based compensation outstanding as of last month. On top of that, Lockheed said it would assume or repay Terran's existing debt liabilities, which amounted to $313 million as of Sept. 30. Lockheed invested in Terran in 2017 and serves as its largest revenue-generating customer, accounting for 81% of its backlog as of the end of 2022, the company said.

Source: Wall Street Journal March 02, 2024 00:04 UTC