Alliant Tech To Evaluate Implications Of Orbital's Rocket Failure On Proposed Merger

Alliant Techsystems' stock slumped 5.1% in midday trade Wednesday, as part of the collateral damage from the explosion of Orbital Sciences' rocket late Tuesday. Alliant announced in April that its aerospace and defense businesses were merging with Orbital, in a stock-for-stock deal valued at $5 billion. Alliant said Wednesday in a statement that it was conducting a "thorough evaluation of any potential implications" resulting for the explosion of Orbital's Antares rocket, including what it might mean for the proposed merger. The value of the merger was based on the April 28 closing price of Orbital's stock at $26.57. The stock was recently down 16% at $25.54, or 3.9% below where it closed on April 28. Alliant's stock is currently 11% below its April 28 close of $138.82.