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.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
Pentagon places head of Space Development Agency on leave for investigation
Posted: Sun, Jan 19 10:25 AM ET (1525 GMT) |
|
news links
|
|
Thursday, January 23
We’re going back to the moon: Everything to know about NASA’s latest lunar lander mission
USA Today — 6:43 am ET (1143 GMT) Agency: “OneWeb hurts Eutelsat”
Advanced Television — 6:42 am ET (1142 GMT) Rocket Lab to Launch Global Wildfire Detection and Monitoring Mission for OroraTech
Business Wire — 6:42 am ET (1142 GMT) Bezos' Blue Origin Hit With Sexism Suit From Former Welder
Bloomberg Law — 6:39 am ET (1139 GMT) Blue Origin's New Glenn Launches New Heavy-Lift Rocket Era
Aviation Week — 6:39 am ET (1139 GMT) |
