Northrop Grumman Announces Proration Calculation For NNS Tender Offer

Northrop Grumman Corporation announced the proration calculation in connection with the completion of its offer to acquire all outstanding shares (including asociated rights) of Newport News Shipbuilding Inc. ( NNS). The company said of the 26,241,019 shares tendered and accepted pursuant to the offer (14,274,961 of which were tendered by guaranteed delivery), 11,719,271 elected to receive cash, 14,495,896 elected to receive Northrop Grumman shares and 25,852 made no election.

Pursuant to the proration provisions of the offer, each Newport News share electing cash in the offer will receive $43.63 in cash and 0.2544 Northrop Grumman shares (excluding treatment of fractional shares). Each Newport News share electing to receive Northrop Grumman shares in the offer will receive 0.7193 Northrop Grumman shares (excluding treatment of fractional shares).