In the company’s news yesterday,
SpaceDev, Inc. (SPDV.OB) announced it has received a takeover bid, approved by SpaceDev Board of Directors, from Sierra Nevada Corporation, a privately held provider of high technology electronics, avionics, and communications systems. The announcement was made by Sierra Board Chairman Eren Ozmen. Sierra plans to acquire the outstanding equity of SpaceDev for $38 million, resulting in a net share price offering of approximately 70¢, a premium of between 42% and 50% based upon SpaceDev’s closing share price over the past 30 trading days. The plan will be formally presented to SpaceDev stockholders for a vote in December.
SpaceDev was founded with the idea of becoming a leader in the commercial space industry by providing smaller, innovative, more affordable commercial space products. The company does mission analysis and design, as well as spacecraft and subsystem design. It focuses on developing small low-cost spacecraft, including micro and nano satellites, in addition to maneuvering and orbital transfer vehicles. It also develops sub-orbital and orbital hybrid propulsion systems. The company has operations in California, Colorado, and North Carolina.
Sierra Nevada (SNC) is a large well established systems provider and integrator, specializing in electronics, avionics, and communications systems. It is recognized as the country’s Top Woman Owned Federal Contractor, employing over 1,300 engineers, scientists, and other technical personnel. It operates in over 30 locations in 20 states, with customer support sites worldwide.
Sierra Nevada operates through seven business areas:
• Integrated Space Systems
• Communication, Navigation, Surveillance, and Air Traffic Management
• Intelligence, Surveillance and Reconnaissance
• Command, Control, Computers, Communications, and Networks
• Integrated Mission Systems
• Sensor Systems & Technologies
• Electronic Warfare / Range Instrumentation
Sierra Nevada also has two subsidiaries: MicroSat Systems, Inc., and Straight Flight, Inc.
The announcement said that Sierra expects to form an integrated space technologies unit with the SpaceDev acquisition, SNC’s subsidiary, MicroSat Systems, and the other SNC space operations. The goal is to provide advanced satellite systems, propulsion systems, space vehicle systems, and a wide array of subsystems and components to defense, civil government, and corporate customers.
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