Earlier this week Salient Federal Solutions announced that it has entered into a merger agreement and will be acquiring ATS Corporation (ATSC) at $3.20 per share.
The merger transaction was approved unanimously by both companies board of directors. ATSC board members and stock holders have all signed tender and voting agreements in support of Salient’s offer.
ATSC, a 33 year-old company, provides end-to-end solutions for federal agencies, including the defense and intelligence, as well as commercial clients.
“ATSC’s long-term performance in delivering high-quality solutions and services within the federal marketplace is evident through the many long-standing relationships it has with its customers,” said Salient President and CEO. “We look forward to the opportunity to build on ATSC’s offerings and relationships, where we can help them address the many immediate customer requirements for delivery of rapid solutions.
The terms of agreement states that Salient must produce a cash-tender offer by February 28th, 2012 at ATSC’s stock at $3.20 per share. Under the Hart-Scott-Rodino Antitrust Improvement Act, Salient is subject to at least 75% of ATSC’s shares and regulatory clearance, scheduled to be completed by the first or second quarter of 2012.
Read the full press release here.
