Edward Aldridge News

DoD To Starts Newport News Shipbuilding Bid Review

Competing bids for Newport News Shipbuilding Inc. remain under review by the Defense Department and a final recommendation is several weeks away. General Dynamics Corp. on Monday said more than half of Newport News' shares had been tendered in response to its $2.1 billion takeover offer, but Northrop Grumman Corp. continues to press its own bid, saying it alone can get antitrust clearance. Aldridge, speaking before testifying to Congress on advanced weapons research, said he would ultimately make a recommendation in consultation with Defense Secretary Donald Rumsfeld. Completion of the Pentagon's review is "probably still several weeks away," Aldridge said. The report would then be forwarded to the U.S. Justice Department, which is weighing whether the deals pass antitrust muster.