Shareholders approve Veridian sale
- By Michael Hardy
- Aug 11, 2003
The path is now clear for General Dynamics Corp. to buy Veridian Corp.
General Dynamics, based in Falls Church, Va., proposed June 9 to pay a total of about $1.5 billion for Veridian, including assumption of about $270 million in debt. Veridian shareholders approved the transaction late last week in a special stockholder meeting.
The acquisition has been approved by the boards of directors of both companies and has cleared the mandatory waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The transaction is expected to close this week. Veridian stock owners will receive $35 a share for their stock.
Veridian, with 7,300 employees, specializes in a wide array of technology services, include network security, information systems development and integration, network and enterprise management, and large-scale systems engineering. The company is based in Arlington, Va.
General Dynamics has about 57,000 employees worldwide. It specializes in mission-critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems, and commercial aviation.