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Three companies submit bids for TRW
Posted: Wed, Jun 26, 2002, 7:53 AM ET (1153 GMT)
TRW Three companies have submitted bids for the core aerospace and defense businesses of TRW, putting pressure on Northrop Grumman to increase its unsolicited takeover offer. According to reports published Tuesday, General Dynamics, BAE Systems, and Raytheon each submitted bids to acquire the company, complying with a Monday deadline for such bids. All three had signed nondisclosure agreements with TRW in order to view TRW's proprietary financial information. The value of the bids were not disclosed but were expected to be on the order of $6.5 billion for the aerospace and defense businesses alone. Northrop Grumman reportedly submitted a new bid for the whole company, but it was not known if the bid was higher than previous unsolicited takeover offers.
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