CACI International (NYSE: CACI) has withdrawn its bid to purchase CSRA (NYSE: CSRA) for $44.00 per share in cash and stock, or approximately $7.2 billion.
œWe will continue our aggressive pursuit of strategic opportunities, judiciously and without engaging in auctions at uneconomic levels, CACI CEO Ken Asbury said in a statement published Wednesday.
Asbury, a 2018 Wash100 recipient, noted that the proposed combination would have established a œpure play in the federal information technology platforms and services market and that CACI™s confidence in the transaction was informed by its years of experience in mergers and acquisitions.
J.P. Morgan Securities and Gibson, Dunn & Crutcher respectively served as financial and legal advisers to CACI in the proposed deal.
CACI™s decision came a week after General Dynamics (NYSE: GD) decided to increase the value of its acquisition offer for CSRA from $40.75 per share to $41.25 per share, or approximately $6.9 billion in cash, and assume $2.8 billion in net debt under an amended merger deal.
