Northrop Grumman Corporation announced that it has completed the acquisition of the shares of Newport News Shipbuilding
Inc. common stock not previously purchased in its tender offer that
expired on Nov. 29, 2001.
As a result of the statutory merger completed Friday, Northrop Grumman now owns 100 percent of Newport News. Newport News shareholders who surrendered their shares in the merger will receive either 0.7193 shares of Northrop Grumman common stock
or $67.50 in cash, subject to proration procedures and other limitations described in documents previously provided to Newport News shareholders. Northrop Grumman will announce shortly the proration calculations in connection with the completion of the merger.