RICHMOND, BC, Sept. 12, 2012 /CNW/ - MacDonald, Dettwiler and Associates
Ltd. ("MDA") (TSX: MDA), a provider of essential information solutions,
announced that it has today received a request for additional
information, often referred to as a "second request" from the U.S.
Department of Justice ("DOJ"), in connection with MDA's proposed
acquisition of Space Systems/Loral Inc. ("SS/L"). A second request may
be a part of the review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"). The second request seeks additional
information primarily regarding MDA's Montreal satellite communications
antenna and payload business.
The effect of the second request will be to extend the waiting period
imposed by the HSR Act until 30 days after MDA has substantially
complied with the second request.
MDA will continue to work closely and cooperatively with the DOJ as it
conducts its review of the proposed transaction in order to respond to
any questions the DOJ may have.
About the Transaction
On June 26, 2012, Loral Space & Communications Inc., the parent company
of SS/L, and MDA executed a definitive agreement for the purchase of
SS/L. The agreement is subject to applicable regulatory approvals and
certain closing conditions customary for this type of transaction.
Headquartered in Palo Alto, California, SS/L is the global market
leading provider of commercial communications satellites, serving a
global customer base.
MDA provides advanced information solutions that capture and process
vast amounts of data, produce essential information, and improve the
decision making and operational performance of business and government
Focused on markets and customers with strong repeat business potential,
MDA delivers a broad spectrum of information solutions, ranging from
complex operational systems, to tailored information services, to
electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under
the symbol TSX:MDA.
Caution Regarding Forward Looking Information and Other Matters
This press release contains certain forward-looking statements and
information which reflect the current view of MacDonald, Dettwiler and
Associates Ltd. (the "Company" or "MDA") with respect to future events.
Forward-looking statements generally can be identified by the use of
forward-looking terminology such as "may", "will", "would", "could",
"should", "expect", "intend", "estimate", "anticipate", "plan",
"foresee", "believe" or "continue", or the negatives of such terms or
variations of them or similar terminology. The forward-looking
statements in this press release are based on MDA's current
expectations, estimates, projections and assumptions made in light of
its experience and perception of historical trends. Forward-looking
statements are subject to risks and uncertainties, many of which are
beyond MDA's control and the effects of which can be difficult to
predict. MDA's actual results of operations could differ materially
from historical results or current expectations.
With regard to MDA's proposed acquisition of SS/L, there can be no
assurance that MDA will realize the anticipated benefits or results due
to a variety of factors, including: inability to complete the
acquisition in the timeframe anticipated or at all; inability to obtain
governmental approvals of the transaction or satisfy other conditions
to the transaction on the proposed terms and timeframe; the terms of
the proposed transaction may need to be modified to obtain governmental
approvals of the transaction or satisfy other conditions to the
transaction; the ability to promptly and effectively integrate the
businesses of MDA and SS/L; higher than anticipated integration costs;
diversion of management time on acquisition-related issues; and failure
to obtain the consent or other agreement of certain counterparties
whose consent or agreement is required in order for MDA to acquire
certain business relationships. The anticipated benefits from the
proposed transaction may not be realized in the time frame anticipated
or at all as a result of several factors including changes in general
economic and market conditions, laws and regulations and their
enforcement, and the degree of competition in the geographic and
business areas in which SS/L operates. MDA, SS/L and their respective
competitors' current and expected products and services were material
factors we considered in anticipating the subject of the second
We caution that the preceding list of material risk factors is not
exhaustive and other factors could also adversely affect MDA's results.
You are referred to the risk factors described in MDA's most recent
annual Management's Discussion and Analysis, Annual Information Form
and other documents on file with the Canadian securities regulatory
authorities, available on SEDAR, www.sedar.com or www.mdacorporation.com. All such factors should be considered carefully, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements, when making decisions with respect to MDA.
The forward-looking statements and information contained in this
material change report represent MDA's views only as of today's date.
All such statements are made pursuant to the "safe harbour" provisions
of applicable Canadian and U.S. securities laws. MDA disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, other than as required by law, rule or regulation. You
should not place undue reliance on forward-looking statements.
The Toronto Stock Exchange has neither approved nor disapproved the form
or content of this release.
SOURCE: MacDonald, Dettwiler and Associates Ltd.
For further information:
MDA External Relations