SRA shares jump after Reuters story on sale process

Reuters broke the news on Feb. 9 that U.S. defense consulting company SRA International is running a narrow sale process mostly targeted at private equity buyers, sending its shares up as much as 15 percent. People familiar with the matter told Reuters that SRA has offered books to a limited group of suitors and has been doing management presentations with interested parties. The story surprised many industry watchers because SRA’s founder and chairman Ernest Volgenau, who controls 70 percent of voting stock, was not seen as a seller, even after the firm recently hired a financial advisor amid buyout interest. The board of SRA formed a special committee to review the bids and Volgenau is not sitting on the committee, one source said. SRA shares hit their highest level in more than 3 years, before falling back to close up 3.5 percent.