Northrop Grumman Extends NNS Tender Offer

Thursday, June 21, 2001
U.S. defense contractor Northrop Grumman Corp. on Thursday said it has extended its tender offer for the outstanding shares of Newport News Shipbuilding, after the Justice Department requested additional information about the takeover.

Los Angeles-based Northrop said it extended its tender offer for Newport News, to July 5 at midnight EDT from the previous June 20 deadline. About 861,000 shares of Newport News common stock had been tendered as of midnight June 20, Northrop said.

The company started its exchange offer in May for each of Newport's outstanding shares for $67.50 in cash or stock, moving forward with the hostile bid despite Newport's planned merger with rival General Dynamics Corp.

Northrop, which recently closed its acquisition of shipbuilder Litton Industries, said the Department of Justice made the request for more information on the takeover on Monday under antitrust regulations.

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