KeyBanc Downgrades Orbital Sciences (ORB) to Hold

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Go back to KeyBanc Downgrades Orbital Sciences (ORB) to Hold

Alliant Techsystems (ATK) to Spin-Off Sporting Group; Aerospace and Defense Groups to Merge with Orbital Sciences (ORB)

April 29, 2014 7:05 AM EDT

Alliant Techsystems Inc. (NYSE: ATK) today announced that its Board of Directors has unanimously approved a plan to create two independent, public companies with leadership in Outdoor Sports and Aerospace and Defense (A&D). The board approved a definitive agreement that provides for the tax-free spin-off of the Company's Sporting Group ("Sporting") to ATK shareholders. The spin-off will be immediately followed by a tax-free, all-stock merger between ATK's Aerospace and Defense Groups ("ATK A&D") and Orbital Sciences Corporation (NYSE: ORB), pursuant to which Orbital shareholders will receive... More