Satellite manufacturer Terran Orbital is pondering its next steps in light of an acquisition offer from Lockheed Martin, CEO Marc Bell disclosed to CNBC. Bell revealed, “We found out about [Lockheed’s takeover bid] when the rest of the world found out about it,” during an interview on CNBC’s “Manifest Space” podcast.
Lockheed’s bid, submitted recently, pegs Terran Orbital’s value at close to $600 million, a significant drop from its equity valuation when the company went public via a special purpose acquisition company (SPAC) two years ago. At that time, Lockheed already held a substantial stake in Terran Orbital, owning 28.3% of the company.
In response to Lockheed’s offer, Terran Orbital adopted a “poison pill” stock rights plan, prompting a shareholder lawsuit. However, the company declined to comment on this legal action.
Bell stressed Terran Orbital’s longstanding partnership with Lockheed but also revealed that the company engaged Jefferies in December to explore its strategic options, including attracting new investors or even selling the company.
“We’ve had many conversations with many people and continue to run our process. We have no deadline to our process, and our goal is to have maximum value for all of our shareholders,” Bell asserted.
He also expressed satisfaction with the recognition Lockheed’s offer brought to Terran Orbital, describing it as “thrilled with the validation.”
