Northrop Grumman Corporation Chairman and CEO Kent Kresa stated emphatically that, "TRW shareholders have sent a strong message to TRW's board of directors today in favor of allowing Northrop Grumman to begin due diligence in connection with its proposed acquisition of TRW. We are prepared to immediately enter discussions with TRW to resolve the outstanding differences concerning an agreement that allows Northrop Grumman to begin due diligence consideration of non-public information as soon as possible.
"As we have previously stated, we are willing to pay full and fair value for TRW and encourage TRW to provide information supporting any additional hidden value. However, we need to conduct due diligence before we can enter into substantive discussions that could lead to a negotiated transaction. We remain confident that a combination of TRW and Northrop Grumman would
be in the best interests of TRW shareholders and employees," Kresa said.
Northrop Grumman stated a combination of TRW and Northrop Grumman would create a third major player in the growing defense space business, providing our country with enhanced competition and innovation in key areas of national defense
. TRW would also add complementary capabilities in communications, electronics and information warfare, while broadening Northrop Grumman's information
technology customer base. The combination would create the nation's largest supplier of information technology services to the federal government.