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Business briefs: April 18
Posted: Fri, Apr 19, 2002, 7:03 AM ET (1103 GMT)
- TRW announced Thursday that it would delay its shareholder meeting scheduled for Monday, April 22, to give shareholders more time to review Northrop Grumman's proposed takeover offer. The meeting has been rescheduled for Friday, May 3. The announcement came several hours after Institutional Shareholder Services, an advisory firm for large shareholders, recommended that TRW shareholders approve a proposal to continue negotiations with Northrop. TRW maintains its opposition to Northrop's $53/share proposal.
- The Defense Department named TRW Thursday as the prime contractor for a restructured Space-Based Infrared System (SBIRS) Low program. The SBIRS Low team will include Spectrum Astro as developers of the spacecraft and Raytheon and Northrop Grumman as providers of the sensor system. SBIRS Low will be a system of satellites that will track missiles throughout their flight, and is considered a key component of a future missile defense system. The first SBIRS Low launch is planned for 2006 or 2007.
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