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TRW turns down Northrop again
Posted: Wed, Mar 13, 2002, 7:58 PM ET (0058 GMT)
TRW TRW recommended to its shareholders Wednesday that they not accept a buyout offer from Northrop Grumman. Northrop started a hostile takeover attempt 10 days ago after TRW turned down a friendly takeover attempt; both were valued at $47/share. TRW officials said the offer was "financially inadequate", noting TRW shares have been trading well above the offer price since Northrop's original offer last month, closing Wednesday above $51/share. TRW did announce that it would proceed with plans to spin off its automotive division, something Northrop said it would do if it acquired the company. The automotive division accounts for nearly two-thirds of the company's sales but has lower margins than its defense and space divisions, which would be a better fit for a potential suitor. In a related story, Pentagon officials suggested that neither Lockheed Martin nor Boeing would be suitable buyers of TRW because of antitrust concerns, leaving General Dynamics, Honeywell, and BAE Systems as likely purchasers should Northrop not be able to acquire TRW.
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