Newport News Shipbuilding Notified of Department of Defense Recommendation

Wednesday, October 24, 2001
Newport News Shipbuilding was notified by the Department of Defense (DOD) of its decision to recommend to the Department of Justice (DOJ) approval of the Northrop Grumman offer to acquire Newport News Shipbuilding and its decision to recommend not approving the merger agreement between Newport News Shipbuilding and General Dynamics. Newport News Shipbuilding was also notified that the DOJ has commenced legal proceedings to prevent the proposed merger between NNS and GD.

Newport News Shipbuilding began discussions with Northrop Grumman three weeks ago to determine whether a mutually acceptable transaction between the two companies can be negotiated. Any agreement reached between Newport News Shipbuilding and Northrop Grumman would require the approval of the Newport News Shipbuilding Board of Directors.

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