Time's up for U.S. firm to appeal federal rejection of Radarsat sale
- The deadline for an American arms-maker to appeal the federal rejection of its bid to buy Canada's premier space technology firm has passed.
Industry Minister Jim Prentice turned down the $1.3 billion bid by Alliant Techsystems Inc., of Minnesota last month, saying it was not of net benefit to Canada.
The giant U.S. munitions and rocket component maker had hoped to buy the entire space division of MacDonald, Dettwiler and Associates Ltd., of Vancouver (TSX:MDA).
The deal included the taxpayer-subsidized Radarsat 2 satellite, the Canadarm and Dextre robotics.
It was the first time the federal government had rejected a foreign takeover outright in the 19 years since the Canada Investment Act came into effect.
Alliant Techsystems had 30 days to appeal the decision - a period that's now expired - but Prentice's office is not saying when a final, formal announcement will be made on the transaction.
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