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March 19, 2018, 3:44 a.m. EDT

CACI makes $7.2 billion offer for CSRA, topping General Dynamics’ bid

IT services giant finds itself subject of bidding war

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By Dana Mattioli and Doug Cameron

CACI International Inc. has made a roughly $7.2 billion bid to buy CSRA Inc. in an attempt to break up the information-technology provider’s sale to General Dynamics Corp.

CACI /zigman2/quotes/205763384/composite CACI -1.44%   has offered $44 per share in cash and stock, the company said in a statement Sunday, confirming an earlier report by The Wall Street Journal. The bid consists of $15 a share in cash and the rest in stock. That compares with the $40.75-a-share all-cash deal CSRA   agreed to last month with General Dynamics /zigman2/quotes/208560027/composite GD -1.11%   that has yet to close. CSRA on Sunday confirmed receiving the unsolicited proposal from CACI.

It would be a big bite for Arlington, Va.-based CACI, which has a market value of just under $4 billion even after its shares closed at an all-time high Friday. It could have a difficult time outgunning General Dynamics, a major aerospace-and-defense contractor with a market value of $66 billion.

In a separate statement Sunday, CACI raised its forecast for net income and the lower end of its revenue guidance for fiscal 2018

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$ 218.15
-3.18 -1.44%
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Sept. 18, 2020 4:00p
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$5.55 billion
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$41.49 billion
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