×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Focus Article: ITT Corporation (ITT)

  • July 21, 2012

Portfolio Update Regarding GeoEye (GEOY):

Earlier this week, satellite imaging company DigitalGlobe (DGI) made a bid for our portfolio holding company GeoEye (GEOY) for approximately $900 million. Under the terms of the agreement, shareholders of GEOY can choose to receive either $20.27 in cash, 1.425 shares of DigitalGlobe stock, or a combination of 1.137 shares of stock and $4.10 per share in cash. The aggregate consideration mix will reflect 1.137 shares of DGI and $4.10 per share in cash. This values GeoEye at a little over $24 per share and the stock is trading just below $23. Both GeoEye’s management and its largest shareholder Cerberus Capital Management have agreed to vote in favor of the deal.

Please subscribe for free or login to your InsideArbitrage account to access this article.