MDA receives request for additional information from U.S. Department of Justice
RICHMOND, BC, Sept. 12, 2012 /CNW/ - MacDonald, Dettwiler and Associates Ltd. ("MDA") (TSX: MDA), a provider of essential information solutions, announced that it has today received a request for additional information, often referred to as a "second request" from the U.S. Department of Justice ("DOJ"), in connection with MDA's proposed acquisition of Space Systems/Loral Inc. ("SS/L"). A second request may be a part of the review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"). The second request seeks additional information primarily regarding MDA's Montreal satellite communications antenna and payload business.
The effect of the second request will be to extend the waiting period imposed by the HSR Act until 30 days after MDA has substantially complied with the second request.
MDA will continue to work closely and cooperatively with the DOJ as it conducts its review of the proposed transaction in order to respond to any questions the DOJ may have.
About the Transaction
On June 26, 2012, Loral Space & Communications Inc., the parent company of SS/L, and MDA executed a definitive agreement for the purchase of SS/L. The agreement is subject to applicable regulatory approvals and certain closing conditions customary for this type of transaction. Headquartered in Palo Alto, California, SS/L is the global market leading provider of commercial communications satellites, serving a global customer base.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
Caution Regarding Forward Looking Information and Other Matters
This press release contains certain forward-looking statements and information which reflect the current view of MacDonald, Dettwiler and Associates Ltd. (the "Company" or "MDA") with respect to future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "would", "could", "should", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe" or "continue", or the negatives of such terms or variations of them or similar terminology. The forward-looking statements in this press release are based on MDA's current expectations, estimates, projections and assumptions made in light of its experience and perception of historical trends. Forward-looking statements are subject to risks and uncertainties, many of which are beyond MDA's control and the effects of which can be difficult to predict. MDA's actual results of operations could differ materially from historical results or current expectations.
With regard to MDA's proposed acquisition of SS/L, there can be no assurance that MDA will realize the anticipated benefits or results due to a variety of factors, including: inability to complete the acquisition in the timeframe anticipated or at all; inability to obtain governmental approvals of the transaction or satisfy other conditions to the transaction on the proposed terms and timeframe; the terms of the proposed transaction may need to be modified to obtain governmental approvals of the transaction or satisfy other conditions to the transaction; the ability to promptly and effectively integrate the businesses of MDA and SS/L; higher than anticipated integration costs; diversion of management time on acquisition-related issues; and failure to obtain the consent or other agreement of certain counterparties whose consent or agreement is required in order for MDA to acquire certain business relationships. The anticipated benefits from the proposed transaction may not be realized in the time frame anticipated or at all as a result of several factors including changes in general economic and market conditions, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which SS/L operates. MDA, SS/L and their respective competitors' current and expected products and services were material factors we considered in anticipating the subject of the second request.
We caution that the preceding list of material risk factors is not exhaustive and other factors could also adversely affect MDA's results. You are referred to the risk factors described in MDA's most recent annual Management's Discussion and Analysis, Annual Information Form and other documents on file with the Canadian securities regulatory authorities, available on SEDAR, www.sedar.com or www.mdacorporation.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to MDA. The forward-looking statements and information contained in this material change report represent MDA's views only as of today's date. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian and U.S. securities laws. MDA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law, rule or regulation. You should not place undue reliance on forward-looking statements.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.
SOURCE MacDonald, Dettwiler and Associates Ltd.