DigitalGlobe, Inc. (DGI: Quote) Sunday said it rejects unsolicited acquisition proposal by GeoEye (GEOY: Quote) to acquire the Company for $17.00 per share in a combination of cash and stock.
DigitalGlobe Board of Directors reviewed GeoEye's unsolicited acquisition proposal and unanimously determined that it substantially undervalues the Company in relation to DigitalGlobe's standalone business and financial prospects, and is not in the best interests of the Company's stockholders.
DigitalGlobe Board also determined that GeoEye's proposal does not adequately recognize DigitalGlobe's superior track record of financial and operating performance as well as its constellation's greater capabilities.
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by RTT Staff Writer
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