Alliant Techsystems Inc. (ATK: Quote) announced Tuesday morning that it agreed to merge its Aerospace and Defense Groups with Orbital Sciences Corp. (ORB) 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.
Alliant Techsystems gapped open sharply higher Tuesday morning and is now up 13.18 at $152.00. The stock has surged past resistance and has set a new high for the year.
by RTT Staff Writer
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