General Dynamics extended its pending tender offer
for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. to midnight, EDT, on July 6, 2001. The offer was previously scheduled to expire at midnight, EDT, on June 22, 2001.
As of midnight, EDT, on June 22, 2001, approximately 20,248,926 shares (including guaranteed
delivery) of Newport News had been tendered. While the number of shares tendered exceeds the
majority of shares outstanding, on a fully diluted basis, of Newport News Shipbuilding, General
Dynamics is awaiting the requisite governmental approval in order to complete the transaction.
Newport News Shipbuilding designs and constructs nuclear-powered aircraft carriers
for the U.S. Navy and provides life-cycle services for ships in the Navy fleet
. The company
employs nearly 17,000 people and has annual revenues of approximately $2 billion.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 47,000 people
worldwide and anticipates 2001 sales of approximately $11.5 billion. The company has leading
market positions in business aviation, information systems, shipbuilding and marine systems, and
land and amphibious combat systems.