5/16, 2:16 PM (Source: TeleTrader)
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Carlyle buys ManTech for $4.2 billion in cash

Private equity company The Carlyle Group announced on Monday it has signed a deal to acquire defense contracting firm ManTech International Corporation for $4.2 billion in cash.

ManTech's shareholders will receive $96 per share in cash, a 32% premium to the company's last day of trading before the initial announcement of the deal, and a 17% premium compared to its closing price on Friday, the two firms said in a joint statement.

"Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium," ManTech CEO Kevin M. Phillips (pictured) commented.

ManTech's shares soared 11% in the premarket after the announcement, going for $90.98.

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