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March 20, 2018, 9:20 a.m. EDT · CORRECTED

General Dynamics boosts CSRA buyout bid by 1.2% after rival hostile bid from CACI

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By Tomi Kilgore

A previous version of this report incorrectly reported General Dynamics' new per-share buyout bid. It has been corrected.

Shares of CSRA Inc. rose 0.9% in premarket trade Tuesday, after General Dynamics Corp. /zigman2/quotes/208560027/composite GD -2.99% raised its per-share bid to buy the information technology company, in the wake of a rival bid from CACI International Inc. /zigman2/quotes/205763384/composite CACI -0.96% . General Dynamics said it will now pay $41.25 a share in cash, up from its original bid announced on Feb. 12 of $40.75 a share in cash. That increases the value of the deal to $9.7 billion, including the assumption of $2.8 billion in debt, from $9.6 billion. Over the weekend, CSRA confirmed that it received an unsolicited $44-a-share buyout bid, but in cash and stock. CSRA's board of directors has determined that CACI's bid "could not reasonably be expected to lead to a company superior proposal," and recommends its shareholders tender their shares to General Dynamics' tender offer. CSRA's stock has rallied 40.0% over the past 12 months through Monday, while General Dynamics shares have climbed 16.6%, CACI shares have rallied 16.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.96% has gained 14.3%.

/zigman2/quotes/208560027/composite
US : U.S.: NYSE
$ 138.72
-4.27 -2.99%
Volume: 439,112
Sept. 21, 2020 12:05p
P/E Ratio
12.30
Dividend Yield
3.18%
Market Cap
$41.03 billion
Rev. per Employee
$342,737
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/zigman2/quotes/205763384/composite
US : U.S.: NYSE
$ 216.05
-2.10 -0.96%
Volume: 30,123
Sept. 21, 2020 12:04p
P/E Ratio
16.99
Dividend Yield
N/A
Market Cap
$5.47 billion
Rev. per Employee
$246,898
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/zigman2/quotes/210599714/realtime
US : S&P US
3,254.26
-65.21 -1.96%
Volume: 1.26B
Sept. 21, 2020 12:05p
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