General Dynamics announced today that its planned acquisition of Veridian Corporation has cleared the mandatory waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Since there was no objection from the US Department of Defense or the Federal Trade Commission, General Dynamics and Veridian are free to close the transaction, following an affirmative vote by Veridian shareholders, which is scheduled for August 7, 2003.
The companies had announced the proposed transaction on June 9, 2003. Under the terms of the agreement, General Dynamics will pay $35 in cash for each outstanding Veridian share. With the assumption of Veridian’s $270 million of debt, the cost of the transaction would be approximately $1.5 billion.
Veridian, headquartered in Arlington, Virginia, has more than 7,300 employees in 38 states. The company anticipates 2003 sales of approximately $1.2 billion, and has a current business backlog of $2.6 billion. General Dynamics estimates Veridian revenues of $1.4 billion in 2004.