Veridian investors to vote on sale

Shareholders of systems integrator Veridian Corp are set to vote next week on a buyout offer from General Dynamics Corp.

The proposed merger completed a mandatory waiting period earlier this week, during which the Defense Department and Federal Trade Commission raised no objections. The completion of the period, required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, clears the way for the shareholder vote, now scheduled for August 7.

General Dynamics, based in Falls Church, Va., proposed on June 9 to buy Arlington, Va.-based Veridian for $1.5 billion, including assumption of about $270 million in debt.

Veridian, with 7,300 employees, works on network security, systems development and integration, network and enterprise management and large-scale systems engineering. The company went public last year amid a surge of interest in defense and homeland security companies.

General Dynamics, based in Falls Church, Va., has about 57,000 employees. It builds mission-critical information systems, combat systems for land and sea, ships and marine systems and business aviation.

Featured

  • Defense
    Ryan D. McCarthy being sworn in as Army Secretary Oct. 10, 2019. (Photo credit: Sgt. Dana Clarke/U.S. Army)

    Army wants to spend nearly $1B on cloud, data by 2025

    Army Secretary Ryan McCarthy said lack of funding or a potential delay in the JEDI cloud bid "strikes to the heart of our concern."

  • Congress
    Rep. Jim Langevin (D-R.I.) at the Hack the Capitol conference Sept. 20, 2018

    Jim Langevin's view from the Hill

    As chairman of of the Intelligence and Emerging Threats and Capabilities subcommittee of the House Armed Services Committe and a member of the House Homeland Security Committee, Rhode Island Democrat Jim Langevin is one of the most influential voices on cybersecurity in Congress.

Stay Connected

FCW INSIDER

Sign up for our newsletter.

I agree to this site's Privacy Policy.