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Titan's 2nd try at sale adds up for L-3: stockholders to vote on $2.6 billion deal at July 28 meeting.

Article Excerpt
About 13 months after Titan Corp.'s planned sale to Lockheed Martin Corp. collapsed, the San Diego defense contractor is taking another trip down the aisle.

This time, however, the company doesn't expect to be left at the altar.

Titan stockholders are scheduled to cast their votes July 28 on the sale of the firm to L-3 Communications Holdings, Inc. in a deal that pays $23.10 for each share of Titan for an aggregate price of about $2.6 billion, including the assumption of about $508 million in Titan debt.

In June 2004, Titan's planned sale to Bethesda, Md.-based Lockheed Martin fell apart after Titan was unable to reach a settlement with two federal agencies investigating bribery allegations.

The plea agreement with the Department of Justice and the Securities and Exchange Commission announced in March removed a major obstacle to any future sale.

The stockholders meeting to approve the L-3 deal, which had been in the works for months and was announced June 3, won't last long, say industry analysts.

"My assumption is the meeting should be a nonevent," said Jon Kutler, the chairman...

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