Brian Bradley
NS&D Monitor
1/9/2015
ATK’s Board of Directors has established the distribution ratio in connection with the spinoff of the company’s Sporting Group to ATK stockholders and the merger of ATK’s Aerospace and Defense groups with Orbital Sciences. According to a Jan. 6 press release, on the merger closing date, ATK stockholders will receive two shares of common stock in the Sporting Group spinoff company—to be called Vista Outdoor—for every one share of ATK common stock they hold on the record date. The merger is expected to close on Feb. 9, pending approval of Orbital stockholders of the merger and ATK stockholders of the share distributions, at respective meetings scheduled for Jan. 27.
ATK’s Defense Group manufactures propulsion systems for Minuteman 3 and Trident 2 missiles, and its Launch Systems division is one of four businesses composing the Consolidated Nuclear Security team that manages the Y-12 and Pantex facilities. The Vista Outdoor spinoff date has not been established. “No action or payment will be required by ATK stockholders to receive the shares of Vista Outdoor common stock,” the release states. “ATK stockholders as of the applicable record date will receive a book-entry account statement reflecting their ownership of Vista Outdoor common stock or their brokerage account will be credited with the Vista Outdoor shares. An Information Statement containing details concerning Vista Outdoor and the proposed spin-off will be mailed to ATK stockholders prior to the closing date.”
