-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AYk+ScoYpkO9U6P4R3VlUoRtNWip1kHB3Rfg4Sdg5zHtEmMl6DYh6URvFGkQ0Nkk zIK0UbRW+eUPb11HD7Ap+w== 0000311946-97-000007.txt : 19970508 0000311946-97-000007.hdr.sgml : 19970508 ACCESSION NUMBER: 0000311946-97-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970505 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19970507 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGICON INC /DE/ CENTRAL INDEX KEY: 0000311946 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 952126773 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07777 FILM NUMBER: 97597246 BUSINESS ADDRESS: STREET 1: 3701 SKYPARK DR CITY: TORRANCE STATE: CA ZIP: 90505-4794 BUSINESS PHONE: 3103730220X3237 MAIL ADDRESS: STREET 1: 3701 SKYPARK DRIVE CITY: TORRANCE STATE: CA ZIP: 90505-4794 8-K 1 MERGER OF NORTHROP GRUMMAN & LOGICON SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 May 5, 1997 LOGICON, INC. DELAWARE (State or other jurisdiction of incorporation or organization) 1-7777 95-2126773 Comission File Number) (IRS Employer identification number) 3701 Skypark Drive, Torrance, California 90505-4794 (Address of principal executive offices) (Zip Code) (310) 373-0220 Registrant's telephone number, including area code Item 5. Announcement of Northrop Grumman Corporation and Logicon, Inc. merger. The following joint news release was issued on May 5, 1997. Northrop Grumman corporation (NOC) and Logicon, Inc., (LGN) announced today that they have signed a definitive agreement for the merger of Northrop Grumman and Logicon, Inc. of Torrance, Calif.,a leading defense information technology company, in a stock-for-stock transaction. The merger reflects Northrop Grumman's continuing strategic thrust into advanced battle management and information technology. Stockholders of Logicon will receive, for each share of Logicon common stock, a fraction of a Northrop Grumman share determined by dividing $52 by the average closing price for Northrop Grumman common stock during a 30-trading day period prior to mailing the proxy statement in the merger. In no event will the exchange ratio be more than 0.6919:1 or less than 0.5661:1. The transaction is subject to normal government reviews and the approval of Logicon shareholders. "The merger is consistent with our long-standing strategy to be a leader in the areas of surveillance, precision strike and advanced battle management," said Kent Kresa, Northrop Grumman chairman, president and chief executive officer. "Logicon's expertise in command, control, communications and intelligence (C3I); simulation and training; battle management and mission planning; and information technology, will further expand our systems integration expertise in these vital areas and create exciting new business opportunities for us in the coming years. "Together, we will have the technology, skills and business base to play a leading role in the continued development of highly integrated systems essential to meet the future warfighting requirements of our military service." Jack Woodhull, chief executive officer of Logicon, Inc., said, "This merger will improve the business prospects of both companies, provide much broader resources for our customers and enhanced opportunities for our employees. Needless to say, we are delighted with the prospect of becoming part of the Northrop Grumman team." Mr. Kresa added that the merger will have a minimal impact on Northrop Grumman's 1997 earnings per share. Logicon, whose latest fiscal year revenues are expected to exceed $560 million, has experienced steady growth and profitability over the past 10 years. It employs about 5,000 people in more than 80 offices across the United States and Western Europe. Logicon provides military and commercial information systems and services to meet the needs of its national defense, civil and industrial customers. The company's core markets include Command, Control, Communications and Intelligence (C3I); information technology; training and simulation; battle management; and mission planning. Northrop Grumman, headquartered in Los Angeles, is a leading designer, systems integrator and manufacturer of military surveillance and combat aircraft, defense electronics and systems, airspace management systems, information systems, marine systems, precision weapons, space systems and commercial and military aerostructures. The company employs more than 45,000 people, and reported sales of $8.1 billion in 1996. Upon completion of the merger, the company plans to form a new Logicon Information Technology Division that would combine substantial elements of Northrop Grumman's Data Systems and Services Division (DSSD), headquartered in Herndon, Va., and the operations of Logicon. The new division, which will be led by Mr. Woodhull and headquartered in Torrance, will have revenues approaching $1 billion. Herbert W. Anderson, general manager of DSSD, will serve as deputy general manager of the new division. "This merger will firmly establish Northrop Grumman as a key player in the defense information technology area," said Mr. Kresa. "We see continued double digit growth for this business area well into the next century." Salomon Brothers acted as Northrop Grumman's financial advisor on the transaction. Logicon was represented by Goldman, Sachs & Co. Note: Northrop Grumman cautions that statements as to future results of operations are necessarily subject to uncertainties concerning events beyond the company's control, and no assurances can be given that such results will be achieved. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Logicon, Inc. (Registrant) May 7,1997 By: RALPH L. WEBSTER Ralph L. Webster Vice President - Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----