{"id":51339,"date":"2024-05-03T22:23:47","date_gmt":"2024-05-03T14:23:47","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/lockheed-martin-withdraws-its-bid-to-acquire-terran-orbital\/"},"modified":"2024-05-03T22:23:47","modified_gmt":"2024-05-03T14:23:47","slug":"lockheed-martin-withdraws-its-bid-to-acquire-terran-orbital","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/lockheed-martin-withdraws-its-bid-to-acquire-terran-orbital\/","title":{"rendered":"Lockheed Martin Withdraws its Bid to Acquire Terran Orbital"},"content":{"rendered":"<\/p>\n<p><strong>Lockheed Martin<\/strong> has pulled back on its offer to acquire Terran Orbital, the company disclosed in filings to the Securities and Exchange Commission on May 2.&nbsp;According to the filing, Lockheed Martin withdrew its offer to acquire Terran Orbital for $1 per share on April 30. Lockheed made the bid in early March.&nbsp;<\/p>\n<p>In response to the bid, Terran Orbital adopted a limited duration stockholder rights plan in March in response to Lockheed\u2019s offer \u2013&nbsp;a move that is also known as a \u201cpoison pill.\u201d The rights plan would come into play if a person or group acquires 15% or more of the company\u2019s stock in a transaction \u201cnot approved by the board.\u201d&nbsp;<\/p>\n<p>Terran Orbital confirmed in a May 2 press release that the company is continuing an \u201congoing strategic review to maximize shareholder value. The review allows us to explore all options.\u201d<\/p>\n<p>\u201cWe value Lockheed Martin\u2019s partnership and look forward to continued collaboration under our Strategic Cooperation Agreement which runs through 2035. We remain committed to exceeding customer expectations and delivering cutting-edge satellite solutions,\u201d the company statement said.&nbsp;<\/p>\n<p>Terran Orbital has faced criticism that the company\u2019s backlog is too concentrated with customers Lockheed Martin and Rivada Space Networks. A substantial portion of Terran Orbital\u2019s backlog is due to the Rivada contract \u2014 $2.4 billion of the $2.7 billion backlog, and Terran Orbital had to slash 2023 revenue projections as Rivada delayed payments.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lockheed Martin has pulled back on its offer to acquire Terran Orbital, the company disclosed in filings to the Securities and Exchange Commission on May 2.&nbsp;According to the filing, Lockheed Martin withdrew its offer to acquire Terran Orbital for $1 per share on April 30. Lockheed made the bid in early March.&nbsp; In response to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50770,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-51339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51339"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=51339"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/50770"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=51339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=51339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=51339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}