Northrop Grumman Reaches Agreement on TRW Acquisition

Tuesday, December 10, 2002
Northrop Grumman Corporation announced today that it has agreed on the essential terms of a consent decree with the United States Department of Justice that should allow the company to promptly close its acquisition of TRW, Inc. after shareholders of both companies approve the transaction at separate meetings December 11, 2002.

Key provisions of the consent decree are intended to assure that the merger will not impede fair and open competition related to certain electronic satellite payloads. As expected, the consent decree does not require the divestiture of any businesses and will permit Northrop Grumman to operate its businesses and those of TRW as planned. The European Union antitrust authority approved the transaction Oct. 16, 2002. "We are pleased to complete another significant milestone in our planned acquisition of TRW," said Kent Kresa, Northrop Grumman chairman and chief executive officer. "Northrop Grumman has always championed open and fair competition and this agreement reflects our continued commitment to this principle. This combination will produce a strong competitor in complex space systems important to future defense requirements." On July 1, 2002, Northrop Grumman and TRW entered into a definitive agreement. The agreement stated that Northrop Grumman would acquire TRW in exchange for Northrop Grumman common stock. The exact exchange ratio will be determined by dividing $60 by the average of the reported closing sale prices per share of Northrop Grumman common stock on the New York Stock Exchange for the five consecutive trading days ending on and including the second trading day prior to the closing of the merger. The exchange ratio will not be less than 0.4348 or more than 0.5357 of a Northrop Grumman share. Assuming a closing date of Dec. 11, the five-day trading period commenced Dec. 3.

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Jersey Transportation Chief to Resign

New Jersey Governor Chris Christie on Friday said his transportation commissioner Jamie Fox would step down by the end of the month to return to the private sector after only a year in the position.

Eletrobras says Compensation for Hydro Plants Could be $330 mln

Brazil's state-run utility Eletrobras said on Friday a report into six hydroelectric plants found the assets had a remaining value of 1.3 billion reais ($332

Brazil Court Allows Lula Questioning in Petrobras Corruption Case

Brazil's Supreme Court authorized the questioning by Federal Police of ex-President Luiz InĂ¡cio Lula da Silva as a witness in a broadening corruption case focused


Life Ring Found from Cargo Ship Missing off Bahamas

A life ring has been found from the cargo ship El Faro, which went missing on Thursday after sailing through Hurricane Joaquin in the Bahamas, the U.S. Coast Guard said on Twitter on Saturday.

USCG Urge Caution Ahead of Hurricane Joaquin

The Coast Guard urges the public Thursday to use extreme caution and to prepare for the onset of heavy weather, extreme sea conditions, storm surge and high

Cargo Ship Missing in Hurricane Joaquin

The fate of more than 30 crew aboard a cargo ship that ran afoul of Hurricane Joaquin off the Bahamas was unknown on Friday as the powerful storm battered the island chain for a second day.

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1495 sec (7 req/sec)