General Dynamics Acquires Anteon
Anteon International Corporation, an information technology, systems integration and engineering services company, has entered into a definitive agreement for Anteon to be acquired by General Dynamics for $55.50 in cash for each outstanding Anteon share. The total value of the transaction, including General Dynamic's assumption of Anteon's debt, is expected to be approximately $2.2 billion at closing. Anteon expects the transaction to close by the end of the second quarter in 2006.The transaction has been approved by the boards of directors of each company and is subject to approval by Anteon shareholders, customary regulatory reviews and other closing conditions contained in the transaction agreement. Anteon's board of directors is unanimously recommending that Anteon's shareholders approve the transaction.
Joseph Kampf, Anteon president and chief executive officer, said, "I am confident that this transaction provides tremendous value for our shareholders and is in the best interests of our customers and our employees. For almost ten years, Anteon has seen tremendous growth in the market and now, combined with the integrity, strength and vision of General Dynamics, will be able to provide our employees with even more opportunity for success."
Anteon was advised by Bear Stearns & Co., Inc. and Paul, Weiss, Rifkind, Wharton & Garrison LLP, who acted as financial and legal advisors, respectively, in connection with this transaction.