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Northrop, TRW reach deal on confidentiality agreement
Posted: Tue, May 7, 2002, 9:10 AM ET (1310 GMT)
TRW Northrop Grumman and TRW announced Monday that the two companies had reached a deal on a confidentiality agreement that will allow Northrop to view TRW financial data, a sign that TRW is still interested in a possible merger despite rejecting a hostile takeover bid last week. The two companies disputed the terms of the agreement in the past few weeks, including a back-and-forth exchange of press releases last week. Even after TRW shareholders rejected Northrop's proposed takeover bid on Friday, the companies said that they were still working on the language of the agreement. While TRW had said that Northrop's bid undervalued the company, Northrop countered it needed access to TRW's proprietary financial information in order to properly value the company. TRW has said it has signed similar agreements with other, unnamed companies. Northrop also announced Monday that it had extended its current $53/share takeover offer two weeks, until May 17.
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