June 10, 1999 |
Whittaker Corp. said Wednesday that it will be acquired by British aerospace engineering company Meggitt for $358 million in cash, ending the Simi Valley company's yearlong search for a buyer. Meggitt would pay $28 a share, a 4.2% premium to Whittaker's closing price Tuesday of $26.87. On Wednesday, Whittaker's stock gained 63 cents to close at $27.50 on the New York Stock Exchange. Meggitt would also assume about $22 million in Whittaker debt.
CALIFORNIA | LOCAL
March 9, 1999
Whittaker Corp. in Simi Valley said sales from continuing operations for the first quarter ended Jan. 31 were $30.6 million, compared with $28.9 million for the first quarter of fiscal year 1998. Income from continuing operations was just over $7 million, or 62 cents per share, which included a tax benefit from a prior-year capital loss of $2.2 million or 19 cents per share. This compares with $855,000, or 8 cents per share, for the first quarter of the previous year. On Jan. 11, the company sold its Whittaker Porta Bella Project, located in Santa Clarita, to Santa Clarita L.L.C.
February 23, 1999 |
In the wake of an unsolicited bid by a Los Angeles investor, Whittaker Corp., a Simi Valley aerospace firm, said Monday that it has hired two investment banking firms to evaluate possible mergers and acquisitions. "We've got a good number of strategic options we are looking at--from mergers to acquisitions to us being bought out," said Joseph R. Alibrandi, Whittaker's longtime chairman and chief executive. "It's very clear this industry is consolidating.
December 19, 1998 |
Michael E. Tennenbaum, an investment banker formerly with Bear, Stearns & Co. for 32 years, has made a $208-million unsolicited bid to acquire Whittaker Corp., a Simi Valley aerospace parts company with 600 employees. Tennenbaum, along with two other principals at Tennenbaum & Co., his private investment firm in Los Angeles, owns nearly 5% of Whittaker stock. In a letter to management this week, Tennenbaum said he wants to buy the rest for $18.
CALIFORNIA | LOCAL
November 17, 1998 |
Whittaker Corp. in Simi Valley has entered into an agreement to sell its Whittaker Porta Bella Project to Porta Bella Acquisition Co. for $10 million in cash, a $5-million promissory note and a contingent interest in the project. "This sale completes our program of divesting our nonoperating assets and fully focuses Whittaker on its core aerospace operations," Whittaker CEO Joseph F. Alibrandi said. Myla D.
September 8, 1998 |
Whittaker Corp. in Simi Valley announced that sales from continuing operations for the third quarter ended July 31 were $33.9 million, compared with $22.5 million for the third quarter of fiscal 1997. Income from continuing operations was $28.5 million or $2.53 per share, which included benefits from prior-year tax losses of $23 million or $2.04 per share. In last year's third quarter, Whittaker suffered a loss from continuing operations of $4.2 million or 38 cents per share.