graphic
graphic  

graphic
    Home

    News 

 companies
 company research
 deals
 
  • M&A databank
    •  
  • Top 25 Deals
    •  economy
     financial news in brief
     industry watch
     international
     
        Markets & Stocks

        Commentary

        Technology

        Personal Finance

        Retirement

        Mutual Funds

        Money 101

        Money's Best

    Track your stocks

    Calculators

      CNN on TV
      Watch CNN video
      Buy show videos

      Services

      CNN.com

      CNNSI.com

      MONEY Magazine
      Customer Service


      E-MAIL
      NEWSLETTERS
      sign up!

      MOBILE NEWS
      •AvantGo
      sign up!

    		 graphic
    News > Deals
    graphic
    TRW won't meet Northrop deadline
    TRW will respond in 'timely fashion' to Northrop's bid but not by Wednesday.
    February 26, 2002: 6:04 p.m. ET
    graphic NEW YORK (CNN/Money) - TRW Inc. informed Northrop Grumman Corp. Tuesday that it won't respond to Northrop's unsolicited $5.9 billion bid by the Wednesday deadline.

    TRW's board will address Northrop's bid, delivered in a letter last Friday, in an orderly manner, TRW said in a letter to Northrop Chairman Kent Kresa.

    graphic
    graphic graphic
    graphic
    Cleveland-based TRW has engaged financial and legal advisors to help them properly evaluate the situation, TRW's Non-Executive Chairman Philip Odeen and Lead Director Kenneth Freeman said.

    "We will conduct board discussions in the near future and will respond in a timely fashion, but it will not be before the close of business February 27, 2002," TRW said.

    Last Friday,  Northrop made an unsolicited $47-a-share, all-stock bid for TRW in an attempt to gain control of TRW's space and electronics division.

    Northrop had given TRW (TRW: up $0.44 to $50.75, Research, Estimates), a Cleveland-based manufacturing conglomerate whose products include auto parts and equipment for airplanes and spacecraft, a Wednesday deadline to respond to its offer.

    Los Angeles-based Northrop (NOC: down $0.72 to $107.72, Research, Estimates) could not immediately be reached for comment. graphic
    SPECIAL:

      RELATED STORIES

    Northrop looks for buyers for TRW auto unit - Feb. 25, 2002




    		graphic
    © 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
    Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
    * : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
    Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
    MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
    Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
    Intraday data is at least 20-minutes delayed. All times are ET.
    Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
    Fundamental data provided by Morningstar, Inc..
    SEC Filings data provided by Edgar Online Inc..
    Earnings data provided by FactSet CallStreet, LLC.
    Home | Contact Us | Advertise with Us | Corrections | Career Opportunities | Site Map
    RSS | Email Delivery | Portfolio | Podcasts | Mobile | Widgets | User Preferences | Special Sections
    | Magazine Customer Service | Download Fortune Lists | Reprints | Conferences | Business Leader Council
    graphic