Orbital Sciences Corp. (ORB) announced Tuesday morning that it agreed to merge with Alliant Techsystems Inc.'s (ATK) Aerospace and Defense Groups in a transaction valued at approximately $5.0 billion. The new company will be known as Orbital ATK. Alliant Techsystems will also spin off its Sporting Group to its shareholders.
Orbital Sciences gapped open sharply higher Tuesday, but retreated during the first half of the session, before settling into a range. Shares finished up by 4.39 at $30.96 on the highest volume of the year. The stock leaped to a new high for the year.
Alliant Techsystems also gapped open sharply, but traded in a range throughout the session. The stock closed up by 9.40 at $148.22 and also set a new high for the year.
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