Defense giant Lockheed Martin has bid for satellite maker Terran Orbital Corp., which is based in Boca Raton but has the bulk of its operations in Irvine. CNBC said the deal is valued at nearly $600 million.
Terran Orbital responded to the Lockheed offer by saying today “there is no guarantee that a strategic transaction involving Lockheed Martin or any other party will be approved or consummated.”
Lockheed Martin is already the largest shareholder in Terran Orbital.
Shares in Terran Orbital rose 14% to $1.22 apiece for a market cap of $237 million.
For more on Terran, see the March 4 print edition of the Business Journal.
