Alliant Techsystems Inc. (ATK) today announced that it has completed the previously announced tax-free spin-off of its Sporting Group business to ATK stockholders as a newly formed company named Vista Outdoor Inc. (Vista Outdoor).
Following the spin-off, ATK and Orbital Sciences Corporation successfully completed the tax-free, all-stock merger of ATK’s Aerospace and Defense Groups with Orbital. Upon consummation of the merger, the combined company’s name was changed to “Orbital ATK, Inc.”
Today, ATK stockholders received two shares of Vista Outdoor common stock for every share of ATK common stock held on the record date, February 2, 2015. Orbital stockholders received 0.449 shares of Orbital ATK common stock for every one share of Orbital common stock.
Vista Outdoor will begin “regular-way” trading under the symbol “VSTO” on the New York Stock Exchange on Feb. 10, when markets open. ATK stock will no longer include the value of Vista Outdoor and will begin trading as Orbital ATK under the symbol “OA” on the NYSE at the same time. Orbital will no longer trade as an independent company after market close today.
Morgan Stanley and BofA Merrill Lynch served as financial advisors and Cravath, Swaine & Moore LLP acted as legal advisor to ATK and Vista Outdoor in connection with these transactions. Citigroup served as financial advisor and Hogan Lovells US LLP acted as legal advisor to Orbital.
About Vista Outdoor
Vista Outdoor is a leading global designer, manufacturer and marketer in the growing outdoor sports and recreation markets. The company operates in two segments, Outdoor Products and Shooting Sports, and has more than 30 well-recognized brands that provide consumers with a range of performance-driven, high-quality and innovative products in the ammunition, firearms and outdoor accessories categories. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 10 U.S. States, Puerto Rico, Mexico and Canada along with international sales and sourcing operations in Mexico, Canada, Europe, Australia, New Zealand and Asia. For news and information visit www.vistaoutdoor.com or follow us on Twitter @VistaOutdoorInc and Facebook at www.facebook.com/vistaoutdoor.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense technologies. The company designs, builds and delivers space, defense and aviation-related systems for customers around the world, both as a prime contractor and merchant supplier. Its main products include launch vehicles and related propulsion systems; tactical missiles, subsystems and defense electronics; precision weapons, armament systems and ammunition; satellites and associated space components and services; and composite aerospace structures. Headquartered in Dulles, Virginia, Orbital ATK employs more than 12,500 people in 20 states across the U.S. and in several international locations.