GD Extends Offer For NNS
General Dynamics extended its pending tender offer for Newport News Shipbuilding Inc. as it waits for the U.S. government's decision on the proposed merger. General Dynamics, which is competing with Northrop Grumman Corp. to buy Newport News, has extended its offer to Aug. 17. It had previously scheduled to expire at midnight on Aug. 3, the company said. As of Aug. 3, about 221.6 million shares of Newport News had been tendered, General Dynamics said. That exceeds the majority of shares outstanding, it said.
Shares of General Dynamics closed Friday at $82.67 on the New York Stock Exchange, just off its 52-week high of $85.20. Shares of Newport News closed $63.60 on NYSE Friday, just off its 52-week high of $65.68.