Law360, New York (May 07, 2012, 12:09 PM ET) -- Satellite imagery company DigitalGlobe Inc. on Sunday rebuffed rival GeoEye Inc.'s $792 million takeover bid, saying it wanted to be on the other side of the buyout but would suspend discussions after leveling unsuccessful purchase proposals of its own.
GeoEye's offer “substantially undervalues” DigitalGlobe, and represents a last-ditch effort by GeoEye to fortify its business ahead of sizable cuts anticipated in the U.S. defense budget — a major client of both companies, according to DigitalGlobe.
In the deal GeoEye proposed Friday, DigitalGlobe's investors would have received...
DigitalGlobe Nixes $792M GeoEye Offer, Wants To Be Buyer
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