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Stock Market & Financial Investment News

News Breaks
January 29, 2014
07:44 EDTEGLEngility completes tender offer for all outstanding shares of Dynamics Research
Engility Holdings announced the completion of its previously announced tender offer for all of the outstanding shares of common stock of Dynamics Research for $11.50 per share in cash, without interest and subject to any required withholding taxes. As of the expiration of the offer, a total of approximately 9,025,528 DRC shares were validly tendered in the offer and not withdrawn, representing approximately 86% of the outstanding common stock of DRC. Notices of guaranteed delivery were delivered with respect to approximately 126,106 shares, representing approximately 1% of the outstanding common stock of DRC. All validly tendered shares have been accepted for payment. Engility will acquire all of the remaining outstanding shares of DRC common stock by means of a merger. At the effective time of the merger, DRC will become an indirect wholly owned subsidiary of Engility, and each share of DRC’s outstanding common stock will be cancelled and converted into the right to receive the same consideration received by holders who tendered their shares in the tender offer. The merger is expected to close on or about January 31. Thereafter, DRC common stock will cease to be traded on the NASDAQ Global Market.
News For EGL From The Last 14 Days
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October 31, 2014
08:04 EDTEGLEngility Holdings wins $31M contract to provide IT management services
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October 28, 2014
16:17 EDTEGLEngility Holdings agrees to acquire TASC in all-stock deal valued at $1.1B
Engility Holdings announced that they have entered into a definitive agreement to acquire privately-held TASC, a professional services provider to the national security and public safety markets, in an all-stock transaction valued at approximately $1.1B, including the assumption of net debt. This transaction will build on the strengths of each company to create a leading government services provider with expected combined pro-forma revenue of approximately $2.5B in 2014. The transaction was approved by the boards of directors of both companies and is expected to close in the first quarter of 2015. On a pro-forma basis, following the close of the transaction, the combined company is expected to generate approximately $2.5B in revenue and approximately $210M in combined adjusted EBITDA in 2014, excluding cost savings. Under the terms of the agreement, the company will maintain the Engility Holdings, Inc. name and continue to be traded on the New York Stock Exchange under the ticker symbol “EGL.” Engility stockholders of record as of the date prior to the closing of the transaction will receive a special cash dividend of approximately $11.40 per share for each Engility share they own, subject to final adjustments depending on Engility's diluted share count at time of closing. TASC stockholders will receive approximately 18.9M shares of Engility Holdings, representing an approximately 51% ownership stake in the combined company on a pro-forma, fully-diluted basis. The transaction is valued at approximately $1.1B, including the assumption of approximately $613M in net debt and the net present value of TASC’s tax assets. Once the transaction closes, the combined company will benefit from TASC’s approximately $1.4B of tax attributes, including net operating losses, with a net present value of approximately $370M. These tax assets will significantly reduce the combined company’s net cash tax expense through 2024, positioning it to generate substantial free cash flow and rapidly de-lever.
16:14 EDTEGLEngility Holdings agrees to acquire TASC in all-stock deal valued at $1.1B
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16:13 EDTEGLEngility Holdings raises FY14 adjusted EPS view to $2.90-$3.10 from $2.70-$2.90
Consensus $2.29. Backs FY14 revenue view $1.35B-$1.45B, consensus $1.41B. “As anticipated, we experienced strong award activity to start the second half of 2014 and achieved a solid sequential and year-over-year increase in our book-to-bill ratio. We won many new awards in the quarter and continue to increase our competitiveness in the market,” the company said.
16:12 EDTEGLEngility Holdings reports Q3 adjusted EPS 86c, consensus 60c
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October 22, 2014
08:01 EDTEGLEngility Holdings wins $42.9M contract to provide system engineering for Navy
Engility Holdings announced it has won a $42.9M contract to provide system engineering, design, prototype, and testing and evaluation for shipboard and shore-based electronic systems under a program supporting the Naval Air Warfare Center Aircraft Division. This new contract, which is administered by the U.S. Army Space and Missile Defense Command/Army Forces Strategic Command, provides Engility with the opportunity to continue and expand its work for NAWCAD and is a $42.94M three year agreement. This contract is a Firm-Fixed Price Level of Effort and the work will be done by Engility personnel in Hollywood, MD; Patuxent River Naval Air Station, Patuxent River, MD; and Webster Field Annex, St Inigoes, MD.

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