Sale of General Sciences OK'd

June 30, 1992|By Bloomberg Business News

LAUREL -- General Sciences Corp. said its three largest shareholders, which together own about 83 percent of its outstanding stock, have agreed to sell the company to Science Applications International Corp.

Under the agreement, Science Applications is to pay $5.35 for each of Laurel-based General Sciences' 1.89 million shares outstanding, or about $10.1 million.

Science Applications would pay 85 percent of the purchase price at the closing and the balance within 90 days.

The transaction is subject to certain conditions but doesn't require the approval of General Sciences shareholders.

Science Applications, based in San Diego, provides diversified professional and technical services, primarily in the areas of national security, environment and health.

For 1991, the company posted net income of about $33.6 million, or 75 cents a share, on revenue of about $1.29 billion.

General Sciences, which provides technical development and support services to government agencies, posted a 1991 profit of $188,200, or 10 cents a share, on revenue of about $3.72 million.

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