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Terran Mulls Lockheed Offer; Adopts Poison Pill Defense To Keep Options Open

Cal Biesecker By
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Terran Mulls Lockheed Offer; Adopts Poison Pill Defense To Keep Options Open
Terran Orbital nanosatellite. Photo: Terran Orbital

Terran Orbital [LLAP] on Monday said its board is reviewing a non-binding offer from Lockheed Martin [LMT] to acquire the satellite company and adopted a shareholder rights plan that gives the company time to consider additional proposals by preventing any investor or group from gaining control of the company. Lockheed Martin last Friday proposed to acquire Terran—which it already has a stake in—in a bid valued at $606 million, including $223 million in cash that values each outstanding share of…

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