Lockheed submits letter to acquire Terran Orbital for $1 per share in cash

According to a regulatory filing, Lockheed Martin (LMT) disclosed a 28.3% stake in Terran Orbital (LLAP) and, on March 1, 2024, submitted a letter to Terran outlining a non-binding proposal for Lockheed to acquire, in a merger transaction, all of the Common Stock for $1.00 per share in cash. The terms and signing of the Proposed Transaction remain subject to certain conditions, including completion of a due diligence review, negotiation and agreement of transaction structure and transaction documents, and approval of the Proposed Transaction by Lockheed and by Terran’s board of directors and shareholders. No assurance can be given that definitive transaction agreements with respect to the Proposal will be entered into, the terms or conditions of any such agreements, or whether the Proposed Transaction will eventually be consummated. Lockheed does not intend to update additional disclosures regarding the Proposal unless and until a definitive agreement has been reached, or unless disclosure is otherwise required under applicable U.S. securities laws. If the Proposed Transaction is consummated, the Common Stock is expected to be delisted from the New York Stock Exchange and deregistered under the Act.