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Federal probe may delay sale of Titan Corp.: SEC investigation could put off vote on $2.4B Lockheed deal.

Publication: San Diego Business Journal
Publication Date: 23-FEB-04
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Analysts are divided on whether a federal investigation into foreign payments will delay Lockheed Martin Corp.'s purchase of San Diego-based Titan Corp.

Titan stockholders are scheduled to vote on the sale March 16. The $2.4 billion deal includes Lockheed's assumption of Titan debt.

Titan, which specializes in defense electronics, and Bethesda, Md.-based Lockheed issued statements Feb. 13, saying they had contacted federal authorities to advise them of an internal investigation. The Securities and Exchange Commission is looking into the matter, and both...

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