As part of its recent spinoff of Engility(EGL), L-3 Communications(LLL) received $325 million in cash which it will use to retire $250 million in debt and repurchase $75 million in stock. Despite this balance sheet improvement, both S&P and Fitch left the company’s ratings unchanged. From S&P: Standard & Poor’s Ratings Services said today...
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Defense contractor L-3 Communications(LLL) completed its spinoff of Engility Holdings(EGL) yesterday. L-3 shareholders as of July 16 received 1 share of Engility for every 6 shares of L-3 that they held. In its last day of when issued trading, Engility closed at $17.83, giving the company a market cap of just under $300 million....
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The board of directors at L-3 Communications Holdings (LLL) recently approved the spinoff of the majority of its government services business, Engility. The spin is expected to take place on July 17th and shareholders as of July 16th will receive one share of Engility for every 6 shares of LLL owned. Given that L-3...
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L-3 Communications(LLL) affirmed in today’s first quarter earnings release that it is moving forward with its plan to spin off Engility. With our filing of the Engility initial registration statement, the spin-off of those businesses should occur around mid-year, and we continue to believe that this will unlock opportunity and value for both companies....
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In what appears to be another ‘win’ for activist investors, defense contractor L-3 Communications (LLL) announced that it will spin out its government services business in the first half of 2012. The company faced pressure from Ralph Whitworth’s Relational Investors (who are also involved in the ITT situation) to jettison non-core business units...
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