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ATK Notified Of Canadian Government Decision To Block Proposed Acquisition Of MDA Businesses

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by Staff Writers
Minneapolis MN (SPX) May 12, 2008
Alliant Techsystems was informed the Canadian Minister of Industry has disapproved the sale of Canadian-based MacDonald, Dettwiler and Associates' Information Systems and Geospatial Services businesses to ATK. Canadian Investment Review officials informed ATK that the Canadian objection relates to potential extraterritorial application of U.S. export law.

As a result, ATK will take an approximate $6.6 million pre-tax charge ($3.9 million after-tax, or $0.11 per share), for transaction-related expenses that will be applied to the company's FY08 fourth-quarter results.

The company previously stated that its FY09 financial guidance did not include any revenue or EBIT from the proposed transaction. The company is reaffirming its FY09 guidance, which includes earnings per share in a range of $7.15 - $7.35, and sales of approximately $4.5 billion.

While ATK is disappointed that the MDA acquisition did not close, the company will continue pursuing a disciplined capital deployment strategy that includes strategic acquisitions, debt repayment and share repurchases.

ATK is a premier aerospace and defense company with more than 17,000 employees in 21 states and approximately $4.5 billion in revenue. News and information can be found on the Internet at http://www.atk.com.

related report
Minister of Industry Confirms Initial Decision on Proposed Sale of MDA to ATK
The Honourable Jim Prentice, Minister of Industry, has written to Alliant Techsystems, pursuant to paragraph 23(3)(b) of the Investment Canada Act, to confirm that he is not satisfied that its application to acquire control of the Information Systems Business of MacDonald, Dettwiler and Associates (MDA) is likely to be of net benefit to Canada.

"I have confirmed my initial decision that I am not satisfied that ATK's proposed acquisition of the Information Systems Business of MDA would likely be of net benefit to Canada. I reached this decision after an extensive and rigorous review process," said Minister Prentice.

"Foreign investment plays an important role in the Canadian economy. Foreign investors bring with them capital, knowledge, capabilities and technology that can increase the productivity, efficiency and competitiveness of Canadian firms. However, where a significant transaction does not demonstrate net benefit to Canada, it cannot be approved under the Investment Canada Act."

Based on this decision, ATK cannot implement its proposed acquisition of the Information Systems Business of MDA.

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