Northrop claims partial victory in TRW vote
Posted: Thu, Apr 25, 2002, 7:28 AM ET (1128 GMT)
Northrop Grumman and TRW each claimed success in the results of a vote by TRW's shareholders on Wednesday. The shareholders rejected a Northrop request to form an independent panel to evaluate Northrop's takeover offer, as well as a separate request that would have given the shareholders more power to make a decision on the takeover bid. However, shareholders did approve a non-binding resolution that asks TRW to share its non-public financial information with Northrop. Such an exchange of information would be subject to confidentiality agreements, the contents of which were debated between TRW and Northrop officials earlier this week. TRW said the vote was a sign that the shareholders are confident in the company's negotiations with Northrop, while Northrop spun the vote as a sign that shareholders are interested in Northrop's offer.
Northrop Grumman and TRW each claimed success in the results of a vote by TRW's shareholders on Wednesday. The shareholders rejected a Northrop request to form an independent panel to evaluate Northrop's takeover offer, as well as a separate request that would have given the shareholders more power to make a decision on the takeover bid. However, shareholders did approve a non-binding resolution that asks TRW to share its non-public financial information with Northrop. Such an exchange of information would be subject to confidentiality agreements, the contents of which were debated between TRW and Northrop officials earlier this week. TRW said the vote was a sign that the shareholders are confident in the company's negotiations with Northrop, while Northrop spun the vote as a sign that shareholders are interested in Northrop's offer.
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