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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Nakilat Damen Shipyards Qatar JV is 5

On 23 November 2015, Nakilat Damen Shipyards Qatar celebrated its first 5 years of operation. With 40 vessels delivered or under construction, the yard has proven

Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Wärtsilä's' Digital Services for Performance Enhancement

Wärtsilä, a global leader in complete lifecycle solutions for the marine and energy markets, launches a new service portfolio, Wärtsilä Genius services to help


Rickmers-Linie Completes Recertification

Rickmers-Linie, the Hamburg-based specialist in worldwide liner services for heavy lifts and project cargoes, has successfully completed audits by DNV GL which took place between 3 and 5 November.

Sandra Could Reach Hurricane Strength

Interests in southern portions of the Baja California peninsula have been advised to monitor the progress of Sandra, as Tropical Storm or Hurricane Watches may

Seagull's Software Tool for Benchmarking Seafarers Knowledge

Seagull Maritime has launched an advanced software tool able to benchmark seafarer knowledge levels, allowing shipowners and operators to compare their crew

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.0727 sec (14 req/sec)