Lockheed has not disclosed how many material shares will be given to holders for each Lockheed share turned in.
In the article Simmons was reported to be dumping his Lockheed shares.
Mr. Simmons has been buying Lockheed shares since last spring.
Between May 15 and June 7, the Simmons group bought 1.34 million Lockheed shares for $47 to $49 a share.
Between June 9 and July 17, the Simmons group purchased 714,705 Lockheed shares on the open market for an average price of $43.85 each.
This sudden, and somewhat unexpected, announcement sent Lockheed shares plunging $5.5625, or more than 13 percent, to $34.875, a low not seen in three years.
Mr. Simmons said he had bought 375,000 Lockheed shares at an average price of $40 several weeks ago.
He now controls 6.74 million Lockheed shares.
The retirement fund owns 400,000 Lockheed shares, or less than 1 percent of the total outstanding.
Based on yesterday's closing stock prices, the deal would value each current Lockheed share at an estimated $78.65.
