Merger activity increased significantly last week with eight new deals announced, and two deals completed. Four of the seven new deals announced were large rumored deals that came to fruition.
Aerojet Rocketdyne Holdings (AJRD)
We have written multiple articles about failed deals and one of the failed deals at the start of 2022 was Lockheed Martin’s (LMT) acquisition of Aerojet Rocketdyne (AJRD) on account of regulatory issues.
We added Aerojet as a potential deal in the works on October 25, 2022, when Reuters reported that the company was soliciting offers from potential suitors, including private equity firms. On Sunday, December 18, 2022, L3Harris Technologies (LHX) entered into a definitive agreement to acquire Aerojet for or $4.7 billion, inclusive of net debt, or $58 per share in cash. Lockheed Martin’s acquisition price for Aerojet in December 2020 was $56, inclusive of a $5.00 per share pre-closing special dividend.
According to The Wall Street Journal,