Lockheed ( LMT) amended its merger agreement with Titan ( TTN), cutting $2 from the acquisition price and changing terms to all-cash from cash and stock.

Lockheed now plans to pay $20 a share for Titan, a military IT contractor that is under federal investigation for employing consultants who allegedly paid bribes to foreign officials. As part of the merger amendment, Titan must obtain written confirmation that the Justice Department "considers its investigation of these allegations resolved and does not intend to pursue any claims against Titan," or must have a plea agreement in place and have completed the sentencing process.

Titan no longer plans to take up the merger at a special meeting April 12, and instead will distribute new proxy materials to investors and hold a new special meeting held on or after June 7. Under the new agreement, if the merger isn't completed on or before June 25, either Lockheed Martin or Titan may terminate the pact, provided various conditions are met. Under "certain limited circumstances," the date may be extended to as late as Sept. 24.

Titan was trading down 26 cents, or 1.3%, to $19.65 in Wednesday's premarket. Lockheed rose $1.08, or 2.3%, to $48.40.

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