satellite manufacturer Terran Orbit Chief Executive Marc Bell told CNBC the company is “looking at everything related to the future of the company” as it believes Lockheed Martinacquisition offer.
“When the rest of the world found out about it, we found out about (Lockheed’s takeover bid),” Bell said on CNBC’s “Manifest Space” podcast.
Lockheed’s proposal submitted last week values Terran Orbital at nearly $600 million, about one-third of the company’s equity valuation when it went public through a special purpose acquisition company (SPAC) two years ago. The defense giant was already a significant shareholder in Terran Orbital, owning 28.3% of the shares at the time of the proposal.
Terran Orbital declined to comment on a shareholder lawsuit filed Wednesday in response to a “poison pill” taken by the company’s board of directors equity plan After Lockheed’s offer.
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Bell stressed that Lockheed has been a partner for many years, but noted that Terran Orbital hired Jeffries in December to lead a strategic review of its path forward, with options ranging from new investors to a potential sale of the company.
“We have had many conversations with many people and continue to run our process. Our process has no deadlines and our goal is to create maximum value for all shareholders,” Bell said.
Bell added that Terran Orbital is “excited about the validation” Lockheed’s offer gives it.
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