Lockheed Martin said its merger with Titan Corp. may be delayed i...
Lockheed Martin said its merger with Titan Corp. may be delayed if the former’s review of Titan Corp.’s business practices isn’t completed by the March 16 stockholder meeting. Lockheed announced in Sept. it would purchase the company for $2.4…
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billion (CD Sept 17 p14). However, the company said it opened an investigation of Titan’s agreements with and payments to international consultants after the SEC opened an investigation. Lockheed said the allegations also concern “items of value” that may have been provided to foreign officials: “The alleged payments… if true, raise questions concerning whether there has been a violation of the Foreign Corrupt Practices Act.” The company is also reviewing whether the payments made to consultants were properly recorded. If investigations by the SEC, Lockheed and a new criminal investigation by the Dept. of Justice aren’t completed by the stockholder meeting, Lockheed “will need to determine whether the conditions to the merger have been satisfied.” Either company can terminate the merger if it isn’t complete by March 31, Lockheed said.