satellite manufacturer Earth orbital is “looking at everything” regarding the company's future, CEO Marc Bell told CNBC, as it considers Lockheed MartinAcquisition offer.
“We Knowing that [Lockheed’s takeover bid] when the rest of the world found out,” Bell said on CNBC's “Manifest Space” podcast.
Lockheed's proposal filed last week values Terran Orbital at nearly $600 million, or about a third of its stock valuation when the company went public through 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 proposal.
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 after Lockheed's bid.
Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.
Bell emphasized that Lockheed has been “a partner of ours for many years,” but noted that Terran Orbital hired Jefferies in December to lead a strategic review of its path forward, with options ranging from new investors to a possible sale of the company. .
“We have had many conversations with many people and we continue to execute our process. We have no deadline for our process and our goal is to have maximum value for all of our shareholders,” Bell said.
Bell added that Terran Orbital is “delighted with the validation” Lockheed's offer gave it.
