Talks Fall Apart in Buyout Bid for CSC
Via The Austin Business Journal.
Defense contractor Lockheed Martin Corp. and three private equity firms halted negotiations in their pursuit of Computer Sciences Corp., The Wall Street Journal reported Saturday.
CSC, a computer services company based in El Segundo, Calif., demanded a $65-per-share starting point for the talks, but the potential buyers hadn't committed to that price, the Journal reported.
At $65 per share, the company would be valued at $12 billion. Based on Friday's closing price of $54.05 per share, CSC's market capitalization is about $10 billion.
Lockheed, based in Bethesda, Md., had teamed up with The Blackstone Group, Warburg Pincus LLC and Texas Pacific Group to go after CSC, the Journal reported.
posted by Fergie @ 11/21/2005 06:35:00 AM
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