Lockheed Martin on Monday outlined its plan to separate its IT and technical services business into a separate company with Leidos by offering Lockheed stockholders the ability to exchange their shares for Leidos stock. The offer states that Lockheed stockholders could receive $111 in Leidos stock for every $100 they own if they take part in the exchange, according to a Lockheed release. Stockholders can exchange all, some, or none, with each share converted when the merger is complete. The offer, which is tax free, will expire Aug. 16. Lockheed announced in January it was spinning off the Information Systems & Global Solutions division into a new company with Leidos, an arrangement called a Reverse Morris Trust. The move allows for tax avoidance by creating a subsidiary, and Lockheed will have a majority of shares in the new entity.
Active-duty transgender troops have until June 6 to self-identify and begin the voluntary separation process or wait and risk possible involuntary separation later—even as questions linger over how that decision might affect their security clearances for future employment.