ManTech stock is up 15% after being acquired by Carlyle

on May 17, 2022
  • ManTech announces it had executed a definitive sale agreement with Carlyle worth roughly $4.2 billion.
  • ManTech’s BoD unanimously approved the deal, this shows that the company’s stockholders also vote in favour.
  • ManTech International shares spike 15% following this news.

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ManTech International Corporation (NASDAQ: MANT), a top-in-class provider of innovative solutions and technologies for national security mission-critical programs, had its shares rise by 15% after it announced it had executed a definitive sale agreement with Carlyle (NASDAQ: CG), whereby it would be acquired by the global investment company in an all-cash deal worth roughly $4.2 billion.

Details of the agreement 

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According to the definitive purchase agreement, shareholders of ManTech will get $96 for each of their shares in cash, representing a premium of 32% to ManTech International’s unaffected closing stock price of around $72.82 since the last trading day before the media broke the news of the potential strategic process the company was undergoing. 

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ManTech’s BoD unanimously approved the deal, and this recommends that the company’s stockholders also vote in favour of this deal. The parties to the agreement expect to close this deal by the second half of the 2022 financial year. Of course, subject to shareholder approval and receipt of the necessary regulatory approvals. 

Shareholders holding common stock shares that represent 49.2% of outstanding voting shares have agreed to vote their common stock shares in favour of this deal. 

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What does management say?

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Carlyle’s Aerospace & Government Services Managing Director, Dayne Bird, said:

We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions. ManTech’s talented employees and leadership team have built a remarkable Company with strong market positions across the federal government.

Mr. Bird claimed that they’re looking to use this partnership to leverage their sector resources and expertise to accelerate innovation processes and growth, as well as to provide greater value to both employees and customers. 

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ManTech President, Chief Executive Officer and Chairman, Kevin Phillips, said:

Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium.

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