Satellite manufacturer Terran Orbital is ” the whole lot” regarding the corporate’s future, CEO Marc Bell told CNBC, because it considers Lockheed Martin’s acquisition offer.
“We discovered about [Lockheed’s takeover bid] when the remainder of the world discovered about it,” Bell said on CNBC’s “Manifest Space” podcast.
Lockheed’s proposal submitted last week values Terran Orbital at nearly $600 million, or a couple of third of its equity valuation from when the corporate went public via a special purpose acquisition company, or SPAC, two years ago. The defense giant is already a big stakeholder in Terran Orbital, with a 28.3% stake on the time of the proposal.
Terran Orbital declined to comment on a shareholder lawsuit filed Wednesday in response to the corporate’s board adopting a “poison pill” stock rights plan after Lockheed’s offer.
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Bell emphasized that Lockheed has been “a partner of ours for a few years,” but noted that Terran Orbital hired Jefferies in December to steer a strategic review of its path forward, with options starting from recent investors to a possible sale of the corporate.
“We have had many conversations with many individuals and proceed to run our process. We’ve got no deadline to our process, and our goal is to have maximum value for all of our shareholders,” Bell said.
Bell added that Terran Orbital is “thrilled with the validation” that Lockheed’s offer gave it.
