Northrop Grumman Extends $2.1 Billion Tender For Newport News

Friday, August 17, 2001
U.S. Defense contractor Northrop Grumman Corp. said on Thursday that it had extended again its $2.1 billion tender offer for the outstanding shares of warship builder Newport News Shipbuilding Inc. to Aug. 30.

About 1,620,832 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. on Aug. 16, including about 181,611 shares tendered pursuant to notices of guaranteed delivery, Northrop said. On Aug. 2, the company extended the deadline for its offer for Newport News to Aug. 16.

In May, Northrop launched a hostile takeover bid for Newport, offering to pay $67.50 in cash and stock for each of Newport's outstanding shares. That offer came after rival General Dynamics Corp.'s planned merger with Newport in which it offered $67.50 in cash for each of the shipbuilder's share.

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