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
|
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.
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. 
|
| SPECIAL: |
|
|
|
|
|
|
