Benzinga | Jan 25, 2022 07:40AM EST

Aerojet Rocketdyne Holdings On Lockheed Transaction Says 'We believe it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before Jan. 27, 2022.'

Earlier this month, Lockheed Martin and Aerojet Rocketdyne agreed with the Federal Trade Commission (FTC) that we would not close the transaction before Jan. 27, 2022, to enable the parties to discuss the scope and nature of the merchant supply and firewall commitments previously offered by Lockheed Martin.

Aerojet Rocketdyne has been advised by the FTC that its concerns regarding the transaction cannot be addressed adequately by the terms of the proposed consent order. We believe it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before Jan. 27, 2022.

If the FTC sues to block the transaction, Lockheed Martin could elect to defend the lawsuit or terminate the merger agreement.

Aerojet Rocketdyne continues to believe in the benefits of the transaction for the United States and its allies, the industry, and all of the company's stakeholders.