SRA shares hit 52-week high after Reuters reports that it hired financial adviser

Shares of SRA International rose more than 5 percent a day after Reuters reported that the U.S. defense consulting company had hired a financial adviser following buyout interest from several parties. The Jan. 24 story prompted SRA to release a statement the next day, confirming its retention of Houlihan Lokey as a strategic adviser. The choice of adviser was a surprise to some bankers, who had thought SRA would hire Citigroup since the firm helped take SRA public in 2002. In a Jan. 26 research note, RBC Capital markets cited Reuters` details on the sale process. SRA shares hit their highest level since May 2008 on Jan 25.