TRW Keeps Heat On Northrop, Opens Books To Other Suitors

TRW WATCH

File Photo: A TRW solid-state laser is the enabling technology for a new lithography light source that will allow semiconductor manufacturers to produce smaller and faster chips. The new light source will allow next-generation equipment to produce circuit features of less than 0.1 micron - about 1/500-th the width of a human hair - and lead to microprocessors 100 times more powerful than today's.

Cleveland, (AFP) Apr 29, 2002
Defence contractor TRW lobbied its shareholders to reject a hostile takeover bid by Northrop Grumman Corp. Monday ahead of a critical May 3 shareholder meeting.

The Cleveland, Ohio-based company, known for its lasers used in anti-missile systems, urged shareholders to vote against a proposal that would allow Los Angeles-based Northrop to launch a full takeover bid.

Northrop's 53 dollar per share offer is "inadequate, highly conditional and below TRW's current market price," TRW's board of directors said in a statement.

TRW stock was trading at 54.57 dollars per share in afternoon trading Monday, close to its 52-week high of 54.98. TRW shareholders will vote Friday on a proposal that would allow Northrop to get around a poison pill provision in Ohio law aimed at checking hostile take-overs.

Meanwhile, TRW said Friday it had signed confidentiality agreements with several other potential suitors interested in examining its books, as it seeks alternative ways of enhancing shareholder value.

Northrop was invited to participate in TRW's process, "but, to date, has declined to do so," the company said Friday.

TRW is also considering spinning off its auto parts business as part of the effort to fend off the hostile bid.

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SPACEMART

TRW Digs In Its Defenses Over Northrop Grumman Bid

New York (AFP) Apr 17, 2002
TRW dug in its defenses Wednesday against a hostile offer by Northrop Grumman, saying that a sweetened 6.7 billion-dollar offer was still "financially inadequate."

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