Alliant Techsystems Inc. (NYSE: ATK) today announced that its Board of Directors has unanimously approved a plan to create two independent, public companies with leadership in Outdoor Sports and Aerospace and Defense (A&D). The board approved a definitive agreement that provides for the tax-free spin-off of the Company’s Sporting Group (“Sporting”) to ATK shareholders. The spin-off will be immediately followed by a tax-free, all-stock merger between ATK’s Aerospace and Defense Groups (“ATK A&D”) and Orbital Sciences Corporation (“Orbital”) (NYSE: ORB), pursuant to which Orbital shareholders will receive shares of ATK common stock as consideration. Upon completion of the transaction, ATK will change its name to Orbital ATK, Inc. (“Orbital ATK”). Current ATK shareholders will own approximately 53.8 percent of Orbital ATK on a fully diluted basis and current Orbital shareholders will own approximately 46.2 percent. Approximately $1.7 billion of existing ATK debt will remain at Orbital ATK.
Spin-Off
