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SpaceDev Has a Suitor Offering $38M

SpaceDev, a Poway firm that made a splash in 2004 when it designed and provided parts for the rocket of the record-breaking SpaceShipOne spacecraft, said Oct. 20 it agreed to be acquired by Sierra Nevada Corp. for $38 million in cash based on a per-share offer range of 68 to 72 cents.

The price represents a premium of 42 percent to 50 percent over the stock’s average closing prices over the prior 30 days from the announcement.

The deal was approved by SpaceDev’s board but requires shareholder and regulatory approvals. Officers and directors hold about 38 percent of the stock, traded under SPDV.OB on the Over the Counter Bulletin Board. Shares closed at 56 cents on Oct. 21, up by a third over the prior day’s trading price.

Sierra Nevada, no relation to the Chico-based brewery, is a privately held electronics and aerospace company based in Sparks, Nev. that has some 3,000 employees in 20 states.

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, Mike Allen

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