AEROJET ROCKETDYNE HOLDINGS, INC.

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Aerojet Rocketdyne Shares Drop Premarket as Lockheed Buyout in Doubt

01/25/2022 | 08:59am EDT

By Chris Wack


Aerojet Rocketdyne Holdings Inc. shares were down 16% to $37.93 in premarket trading Tuesday after the company expressed doubt that the Federal Trade Commission will approve its merger with Lockheed Martin Corp.

Lockheed Martin agreed to buy Aerojet in December 2020 in a deal valued at $4.4 billion.

Earlier this month, the companies agreed with the Federal Trade Commission they wouldn't close the transaction before Thursday to enable the parties to discuss the scope and nature of the merchant supply and firewall commitments previously offered by Lockheed Martin.

Aerojet Rocketdyne said it has been advised by the FTC that its concerns regarding the transaction can't be addressed adequately by the terms of the proposed consent order. Aerojet said it believes it is highly likely that the FTC will vote to sue to block the transaction and expects a decision before Thursday.

If the FTC sues to block the transaction, Lockheed Martin could elect to defend the lawsuit or terminate the merger agreement.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

01-25-22 0859ET

Stocks mentioned in the article
ChangeLast1st jan.
AEROJET ROCKETDYNE HOLDINGS, INC. -0.20% 39.56 Delayed Quote.-15.40%
LOCKHEED MARTIN CORPORATION 0.55% 437.55 Delayed Quote.23.11%
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Analyst Recommendations on AEROJET ROCKETDYNE HOLDINGS, INC.
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Financials (USD)
Sales 2022 2 300 M - -
Net income 2022 174 M - -
Net cash 2022 296 M - -
P/E ratio 2022 19,5x
Yield 2022 -
Capitalization 3 136 M 3 136 M -
EV / Sales 2022 1,23x
EV / Sales 2023 1,14x
Nbr of Employees 5 000
Free-Float 96,1%
Chart AEROJET ROCKETDYNE HOLDINGS, INC.
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Aerojet Rocketdyne Holdings, Inc. Technical Analysis Chart | AJRD | US0078001056 | MarketScreener
Technical analysis trends AEROJET ROCKETDYNE HOLDINGS, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 39,56 $
Average target price 46,00 $
Spread / Average Target 16,3%
EPS Revisions
Managers and Directors
Eileen P. Drake President, Chief Executive Officer & Director
Daniel L. Boehle CFO, Chief Accounting Officer, VP & Controller
Warren G. Lichtenstein Director
James R. Henderson Independent Director
Martin Turchin Independent Director