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SAIC, Inc. Announces Pricing of its Initial Public
Offering and Declaration of Special Dividend SAN DIEGO and
MCLEAN, Va., Oct 12, 2006 - SAIC, Inc. (SAIC) announced today that it has priced its initial
public offering of 75,000,000 shares of common stock at $15.00 per
share. In addition, the underwriters were granted the right to purchase
up to an additional 11,250,000 shares of common stock to cover
over-allotments, if any. SAIC's common stock will trade on the New York
Stock Exchange under the symbol "SAI."
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Morgan Stanley & Co. Incorporated and Bear, Stearns & Co. Inc. are
serving as joint book-running managers for the initial public offering.
The offering is expected to close on or about October 17, 2006, and is
subject to the satisfaction of customary closing conditions.
The Board of Directors of Science Applications International
Corporation declared a special cash dividend, conditioned on closing of
the initial public offering, of $15.00 per share of its class A common
stock and $300.00 per share of its class B common stock, or an aggregate
amount of approximately $2.45 billion, payable to its stockholders of
record as of October 12, 2006. SAIC will not pay this special dividend
on shares sold in its public offering.
Prior to the closing of the initial public offering, Science
Applications International Corporation will become a wholly-owned
subsidiary of SAIC pursuant to a reorganization merger, and the
stockholders of Science Applications International Corporation will be
entitled to receive shares of class A preferred stock of SAIC for their
shares of common stock of Science Applications International
Corporation.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
A copy of the prospectus for this offering may be obtained from
Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York
10014, Attention: Prospectus Department, by calling 866-718-1649 or by
e-mailing prospectus@morganstanley.com or from Bear, Stearns & Co. Inc.,
383 Madison Avenue, New York, New York 10179, Attention: Prospectus
Department, by calling 631-254-7129. About SAIC, Inc.
SAIC is a leading provider of scientific, engineering, systems
integration and technical services and solutions to all branches of the
U.S. military, agencies of the Department of Defense, the intelligence
community, the U.S. Department of Homeland Security and other U.S.
Government civil agencies, as well as to customers in selected
commercial markets. With more than 43,000 employees in over 150 cities
worldwide, SAIC engineers and scientists solve complex technical
challenges requiring innovative solutions for customers'
mission-critical functions. SAIC had annual revenues of $7.8 billion for
its fiscal year ended January 31, 2006.
SAIC: FROM SCIENCE TO SOLUTIONS(TM)
Statements in this announcement other than historical data and
information constitute forward-looking statements that involve risks and
uncertainties. A number of factors could cause our actual results,
performance, achievements or industry results to be very different from
the results, performance or achievements expressed or implied by such
forward-looking statements. Some of these factors include, but are not
limited to, the risk factors set forth in SAIC's final prospectus
relating to the offering, and such other filings that SAIC makes with
the SEC from time to time. Due to such uncertainties and risks, readers
are cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date hereof.
SOURCE SAIC
Ron Zollars, San Diego, +1-858-826-7896,
zollarsr@saic.com,
or
Connie Custer, McLean, +1-703-676-6533,
custerc@saic.com, both of SAIC
http://www.saic.com
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