General Dynamics has completed its acquisition of government IT contractor CSRA, its Falls Church, Virginia, neighbor, in a deal valued at $9.7 billion.
The withdrawal of CACI clears the way for General Dynamics to proceed with its proposed $6.9 billion all-cash acquisition of CSRA. The deal also includes the assumption of $2.8 billion in CSRA debt.
While General Dynamics’ raised offer is still lower than CACI’s — $41.25 per share compared to CACI’s cash and stock offer of $44 per share — CSRA’s board of directors favors it.
CSRA agreed in February to an earlier acquisition offer from General Dynamics. The CACI offer is $3.25 higher per share. CSRA said it will consider the new offer.
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