Lockheed effectively scuttles merger with Titan

[struggle4progress]

Lockheed Martin Corp. effectively scuttled plans to buy Titan Corp. for $1.66 billion, saying Thursday it refused to wait for the outcome of a federal probe into alleged overseas bribery.
<snip>

The deal ran into trouble shortly after Lockheed, based in Bethesda, Md., said in September that it would buy Titan for $1.8 billion, or $22 a share, in cash and stock. In February, the companies said the Justice Department and Securities and Exchange Commission were investigating Titan's overseas payments.
<snip>

An unusual racketeering lawsuit filed in San Diego this month by human rights lawyers accuses Titan and another civilian contractor - CACI International Inc. of Arlington, Va. - of conspiring to execute, rape and torture prisoners to boost profits from military payments.
<snip>

http://www.sanluisobispo.com/mld/sanluisobispo/business/9005831.htm

[cliss]

1. WOW. This is really big news.

Thanks for posting, S4P. I've been following the story of both CACI and Titan corporation. About 1 month ago, it appeared to be a "done deal" that Lockheed Martin was about to buy this company.

I thought to myself....."wow, that's a stupid move. They're about to be sued by a group of abused Iraqis". This will most probably be an out of court settlement becaue Titan would never survive a jury trial. They'd be finished at that point.

VERY GOOD NEWS. Now watch Titan tank....like the Titan-ic.