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InsideArbitrage Potential Deal Alert: Terran (LLAP) Investors Call for Strategic Review

  • October 16, 2023

POTENTIAL DEAL DETAILS

StockTerran Orbital CorporationSymbolLLAP
Date Announced10/12/2023Source Press Release
TypeUnsolicited BidAcquiring Company/Person Lockheed Martin Corporation

According to a letter sent to Terran Orbital (LLAP), a group of investors is calling the company to launch a strategic review and oust its chief executive officer.

We believe that Terran has several potential strategic opportunities available to maximize value for stockholders
and other stakeholders. Potential strategic alternatives may include a sale of the Company to Lockheed Martin
Corporation (“Lockheed”) at a substantial premium, negotiating a debt guarantee from Lockheed, or entering
into similar transactions with a strategic third-party.

Terran Orbital Investor Relations

Update(s):

December 11, 2023: According to WSJ, satellite maker Terran Orbital is looking to sell itself about a year and a half after it went public. Terran is seeking bids by the end of the month and has attracted interest from potential strategic and financial buyers in the U.S. and Europe.

According to TechCrunch, Terran Orbital CEO Marc Bell informed employees that the company is not looking for a buyer.

March 1, 2024: According to a regulatory filing, U.S. defense contractor Lockheed Martin (LMT) has made a non-binding offer to acquire all common stock of satellite maker Terran Orbital (LLAP) that it does not own for $1 per share.

Non-binding proposal

March 4, 2024: Satellite maker Terran Orbital (LLAP) said its board adopted a limited duration stockholder rights plan following a non-binding proposal from Lockheed Martin (LMT) last week.

May 2, 2024: Lockheed Martin (LMT) withdrew its non-binding proposal to acquire, in a merger transaction, all of the common stock Terran Orbital (LLAP).

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.