ATK and Orbital Shareholders Approve Merger
WASHINGTON — Shareholders of ATK and Orbital Sciences Corp. approved the merger of the two companies in separate votes Jan. 27, clearing the way for the merger to close in early February.
ATK announced that approximately 97 percent of votes cast by its shareholders, representing 77 percent of the company’s outstanding shares, were in favor of the merger. Orbital said that about 99 percent of votes, representing 85 percent of its shares, approved the merger.
Orbital stockholders have approved the merger with ATK’s Aerospace & Defense Groups. http://t.co/8U9t9v3KCC
— Orbital Sciences (@OrbitalSciences) January 27, 2015
The twin votes were among the last milestones for the merger, which the companies announced in April 2014. Prior to completing the merger, ATK will spin off its sporting goods division into a separate company, Vista Outdoor. That spinoff, and merger between Orbital and the rest of ATK, is scheduled to close on Feb. 9.
The merged company will be known as Orbital ATK, Inc. Shares in the company will trade on the New York Stock Exchange effective Feb. 10 under the ticker symbol OA.
“We are very pleased with the resounding approval from our stockholders,” said current ATK president and chief executive Mark DeYoung in a statement. DeYoung will become chairman and chief executive of Vista Outdoor once the merger is completed.
“Today, Orbital’s stockholders endorsed the proposed merger with ATK’s Aerospace and Defense Groups by voting strongly in favor of the transaction,” said Orbital chairman and chief executive David Thompson in a separate statement. “We are now on a clear path to completing the merger and beginning operations of Orbital ATK two weeks from today.”