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Northrop makes hostile bid for TRW
Posted: Mon, Mar 4, 2002, 1:28 PM ET (1828 GMT)
TRW Northrop Grumman announced late Sunday it was making a hostile takeover bid for rival company TRW as TRW announced it was rejecting Northrop's friendly takeover offer. In a statement issued late Sunday, TRW said that Northrop Grumman's February 21 proposal to purchase TRW at $47 a share, or $5.9 billion overall, "does not begin to reflect the value" of TRW. Northrop announced Sunday night it was taking its $47/share proposal directly to stockholders in a hostile takeover attempt. TRW asked shareholders Monday morning not to take action on the Northrop proposal until TRW can issue its recommendation, which it will make by March 15. Outside analysts believe that other companies, such as Boeing or Lockheed Martin, may enter the fray, eager to acquire TRW's expertise in space systems and missile defense, driving up the cost to acquire the company. TRW stock has been trading above Northrop's $47/share offer price since the proposal was first announced.
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