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DigitalGlobe rejects GeoEye offer
Posted: Tue, May 8, 2012, 6:59 AM ET (1059 GMT)
WorldView 2 spacecraft illus. (DigitalGlobe) Commercial remote sensing company DigitalGlobe has rejected a offer by rival GeoEye to acquire the company, saying it will wait until the end of the federal budget cycle to make a decision on whether to make its own bid to acquire GeoEye. DigitalGlobe said in a statement Sunday that the $17-per-share offer by GeoEye "substantially undervalues" the company. DigitalGlobe confirmed that the two companies had been in discussions about a potential acquisition for the last three months, with DigitalGlobe making its own offers to acquire GeoEye that were rejected. Those discussions were spurred by the 2013 federal budget proposal, which seeks to cut funding on a major contract, EnhancedView, that both companies have by more than half. DigitalGlobe said it would wait the outcome of budget deliberations in Congress before making any decisions on a deal with GeoEye.
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