Qinetiq’s offer of $3.70 per Analex share represents a 97% premium on the target’s value at the close of trading last week. Analex’s share price has been volatile over the last 12 months, hitting a high of $3.15 in February last year but falling to under $1.90 this month.
Fairfax, Virginia-based Analex has approximately 1,100 employees, the majority of whom have security clearances. It reported a net loss of $6.7m on revenue of $141.2m for the 12 months to the end of December 2005. The company’s major customers include the US Army, Space and Naval Warfare Systems Command, NASA, and the US Department of Health and Human Services.
Analex’s IT services offering includes application development, hardware maintenance and support, network support, and systems integration services. The company also provides a range of security services for both systems and applications, and supplies systems engineering services to the Joint National Integration Center.
QinetiQ expects to complete the takeover of Analex in March. The company said that approximately 58.8% of Analex’s shareholders had already agreed to the deal.
