TRW shareholders reject Northrop offer
Posted: Sat, May 4, 2002, 1:10 AM ET (0510 GMT)
TRW announced Friday that its shareholders have rejected a hostile offer from rival Northrop Grumman. TRW said that shareholders, voting in a special meeting, turned down a measure — required by Ohio law — that would have permitted Northrop to purchase TRW shares at $53 each. The margin of defeat for the measure was not disclosed, but TRW said a full tally of votes by an independent auditor would be released in the near future. While rejecting Northrop's offer, TRW officials said they were open to continued discussions with the company, despite a dispute this week over a confidentiality agreement Northrop has refused to sign; TRW was optimistic those problems could be overcome. Northrop Grumman CEO Kent Kresa, in a separate statement, said that the company would evaluate its options over the weekend and issue a statement Monday morning regarding any future plans to attempt to acquire TRW.
TRW announced Friday that its shareholders have rejected a hostile offer from rival Northrop Grumman. TRW said that shareholders, voting in a special meeting, turned down a measure — required by Ohio law — that would have permitted Northrop to purchase TRW shares at $53 each. The margin of defeat for the measure was not disclosed, but TRW said a full tally of votes by an independent auditor would be released in the near future. While rejecting Northrop's offer, TRW officials said they were open to continued discussions with the company, despite a dispute this week over a confidentiality agreement Northrop has refused to sign; TRW was optimistic those problems could be overcome. Northrop Grumman CEO Kent Kresa, in a separate statement, said that the company would evaluate its options over the weekend and issue a statement Monday morning regarding any future plans to attempt to acquire TRW.
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