ATK [ATK] On Tuesday said it expects the merger of its aerospace and defense business with Orbital Sciences [ORB] to occur on Feb. 9 immediately following the spin-off of ATK’s sporting business into a new company called Vista Outdoor Inc.
The $5 billion transaction still needs the approval of ATK’s and Orbital’s shareholders, which will meet in separate meetings on Jan. 27 to vote on the merger. In December, the pending deal cleared regulatory reviews in the United States.
ATK also said that its shareholders will receive two shares in Vista for each ATK share they own on the record date. Vista shares will begin trading under the ticker symbol VSTO on the New York Stock Exchange Feb. 10.
The deal between Orbital and ATK had been expected to close in December, but the explosion of an Orbital-built Antares rocket during liftoff in October led ATK to review the plan, spurring the delay.