2023-03-15 16:22:55 ET
- Aerojet Rocketdyne ( NYSE: AJRD ) dropped 1.1% in after hours trading as its planned $4.7 billion sale to L3 Harris ( NYSE: LHX ) received a request for a more in-depth review from the Federal Trade Commission.
- The second request extends the waiting period imposed by the Hart-Scott-Rodino Act until 30 days after L3Harris ( LHX ) and Aerojet ( AJRD ) have substantially complied with the request, or the waiting period is terminated sooner by the FTC, according to a statement on Thursday. The transaction is expected to close this year.
- The second request comes after the FTC filed a lawsuit last January to block Lockheed Martin's ( LMT ) $4.4 billion purchase of Aerojet ( AJRD ) due to antitrust concerns. Lockheed terminated the deal in February.
- L3Harris ( LHX ) agreed to pay $58 a share for Aerojet Rocketdyne ( AJRD ) in December.
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Aerojet falls after sale to L3Harris receives second request from FTC