http://biz.yahoo.com/seekingalpha/070625/39243_id.html?.v=1
Raytheon Formally Protests L-3's Receipt of Military Cargo Contract
Monday June 25, 6:26 am ET
Raytheon Co. said it filed a formal protest Friday over the U.S. military's decision to choose competitor L-3 Communications' C-27J short-range cargo aircraft over its own. The contract is currently valued at around $4 billion, and has the potential to be worth upwards of $6 billion according to the Wall Street Journal (it was initially announced as being valued at $2.04 billion but that apparently failed to take into account another 24 planes the Air Force is purchasing).
Raytheon executives failed to say what the basis of their protest was, beyond CEO William Swanson saying his company doesn't file protests without good cause. Raytheon shares lost 3.61% in composite trading last week.
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