Satellite manufacturer Terran orbital CEO Mark Bell told CNBC he is “looking at everything” regarding the company's future Lockheed Martin'Takeover offer.
“We found out [Lockheed’s takeover bid] “When the rest of the world finds out,” Bell said on CNBC's “Manifest Space.”
Lockheed's bid filed last week values Terran Orbital at about $600 million, or about a third of its stock valuation since the company went public via a special purpose acquisition company, or SPAC, two years ago. The defense giant is already a major shareholder in Terran Orbital, with a 28.3% stake at the time of the bid.
Terran Orbital declined to comment on a shareholder lawsuit filed Wednesday in response to the company's board of directors adopting a “poison pill” stock rights plan following Lockheed's bid.
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Bell stressed that Lockheed has been “a partner of ours for many years,” but noted that Terran Orbital appointed Jeffries in December to lead a strategic review of its path forward, with options ranging from new investors to a potential sale of the company.
“We have had many conversations with many people and continue to manage our process,” Bell said. “We do not have a deadline for our process, and our goal is to capture maximum value for all of our stakeholders.”
Bell added that Terran Orbital was “pleased with the validation” Lockheed's offer gave it.
