Titan offer goes down

Lockheed Martin Corp. has reduced its bid for Titan Corp. by about 9 percent, from $22 a share to $20, as the companies, the Justice Department and the Securities and Exchange Commission continue to investigate allegations that Titan consultants may have bribed officials overseas.

Under a revised merger agreement, the deal cannot close unless Titan gets written confirmation that Justice has either dropped its criminal probe, or Titan enters into a plea agreement that resolves all allegations, according to joint statement from Lockheed and Titan.

The change will lower the total value of the deal from $1.83 billion to $1.66 billion. The figure excludes about $530 million in Titan debt that Lockheed Martin plans to assume.

The new agreement moves the closing deadline from April 12 to June 25, giving Titan more time to resolve the issue.

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