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Wednesday, December 13, 2017

Newport News Shipbuilding Inc News

Moody's Ups Newport News

Moody's Investors Service upgraded the senior unsecured debt rating of Newport News Shipbuilding Inc. (NNS) to Ba1 from Ba2 to reflect the company's improving operating and cash flow performance, and its strengthening business outlook and balance sheet. The ratings also incorporate its still-weak balance sheet, notwithstanding the recent gradual improvements. Moody's also said that it maintained its Ba1 ratings on the company's bank facilities, which were formerly secured by essentially all of the company's assets. However, in conformance with the credit agreement, the collateral was recently released, and the bank facilities rank equally with the company's other senior unsecured debt.

Moody's Confirms Newport News Shipbuilding

Moody's Investors Service reportedly confirmed its debt ratings for Newport News Shipbuilding Inc following the announcement that Newport News will not increase the value of its bid for Avondale Industries,effectively terminating its interests in acquiring Avondale.

Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246,621 shares tendered pursuant to notices of guaranteed delivery.

Northrop Grumman Complies With Antitrust Regarding NNS Purchase

Defense contractor Northrop Grumman Corp. on Monday said it notified the U.S. Department of Justice and the Federal Trade Commission of its intent to acquire Newport News Shipbuilding Inc. in compliance with antitrust regulations. Northrop placed an unsolicited bid for Newport News, maker of the U.S. Navy's nuclear-powered aircraft carriers, earlier this month, challenging a planned $2.1 billion merger of Newport and General Dynamics Corp. Both Northrop and General Dynamics have said they filed pre-merger notifications in compliance with the Hart-Scott-Rodino antitrust improvements act.

General Dynamics Extends Tender Offer for all Outstanding Shares of Newport News

General Dynamics (NYSE: GD) today extended its pending tender offer for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. (NYSE: NNS) to midnight EDT on October 26, 2001. The offer was previously scheduled to expire at midnight EDT on October 19, 2001. The depositary for the General Dynamics tender offer reported that, as of 5 p.m. EDT on October 19, 2001, approximately 12,713,103 shares (including guaranteed delivery) of Newport News had been tendered.

Litton Withdraws Deal For Newport News

Litton Industries Inc. has reportedly withdrawn its $1.8 billion bid to buy Newport News Shipbuilding Inc., saying the deal was not likely to get the necessary government approval.

Northrop Grumman Completes Tender Offer for Newport News Shipbuilding

Northrop Grumman Corporation announced today the completion of its tender offer for all of the outstanding shares of Newport News Shipbuilding Inc., creating the world's largest naval shipbuilder. E.S.T. on November 29, 2001. exchange. The exchange agent for the offer has advised Northrop Grumman that a total of approximately 26,469,213 shares were tendered in the offer, including approximately 14,503,155 delivered through notice of guaranteed delivery. common stock. "Northrop Grumman is now a world-class, fully capable shipbuilding company with expertise in every class of nuclear and non-nuclear vessel," said Kent Kresa, Northrop Grumman's chairman and chief executive officer.

GD Extends NNS Offer

General Dynamics extended its pending tender offer for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. to midnight, EDT, on July 6, 2001. The offer was previously scheduled to expire at midnight, EDT, on June 22, 2001. delivery) of Newport News had been tendered. Dynamics is awaiting the requisite governmental approval in order to complete the transaction. for the U.S. Navy and provides life-cycle services for ships in the Navy fleet. employs nearly 17,000 people and has annual revenues of approximately $2 billion. worldwide and anticipates 2001 sales of approximately $11.5 billion. land and amphibious combat systems.

Bowsher Named Newport News Board Member

Newport News Shipbuilding Inc. named Charles Bowsher as a member of its board of directors. Bowsher served as the comptroller general of the United States from 1981 until October 1996. Prior to this appointment, Bowsher was a partner with accounting and auditing firm Arthur Andersen LLP.

Newport news to Record Second quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

Newport News to Record Second Quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

Newport News OKs Share Buyback Program

Newport News Shipbuilding Inc. has approved a $100 million share repurchase program, adding to a $100 million buyback plan authorized last June. The new plan will be implemented over 2000 and 2001. The company has bought back almost 3 million shares under the previous program. The company currently has nearly 33 million shares outstanding, according to Standard & Poor's MarketScope.

Litton Shelves $1.8B Bid For Newport

Defense and electronics giant Litton Industries Inc. reportedly withdrew its $1.8 billion offer to buy Newport News Shipbuilding Inc. because of opposition from the U.S. government.

Northrop Grumman Extends $2.1 Billion Tender For Newport News

U.S. Defense contractor Northrop Grumman Corp. said on Thursday that it had extended again its $2.1 billion tender offer for the outstanding shares of warship builder Newport News Shipbuilding Inc. to Aug. 30. About 1,620,832 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. on Aug. 16, including about 181,611 shares tendered pursuant to notices of guaranteed delivery, Northrop said. On Aug. 2, the company extended the deadline for its offer for Newport News to Aug. 16. In May, Northrop launched a hostile takeover bid for Newport, offering to pay $67.50 in cash and stock for each of Newport's outstanding shares.

Litton Wins Battle Over Avondale

Litton Industries Inc. reportedly sealed a deal to buy Avondale Industries Inc. and said it would press ahead with efforts to acquire Newport News Shipbuilding Inc. despite Pentagon opposition.

Avondale Prepared To Accept Revised Litton Offer

Avondale Industries Inc. will reportedly accept an increased cash takeover bid from Litton Industries Inc., forgoing a previous all-stock merger agreement with Newport News Shipbuilding Inc.

Northrop Grumman, Newport News Shipbuilding Announce Definitive Merger Agreement

Northrop Grumman Corporation and Newport News Shipbuilding Inc. announced today that they have signed a definitive agreement under which Northrop Grumman will acquire Newport News Shipbuilding. The boards of directors of both companies approved the terms of the transaction in which Northrop Grumman will acquire all the outstanding shares of Newport News. $67.50, subject to certain limitations and proration procedures. Northrop Grumman expects to promptly amend its existing offer documents in order to reflect the merger agreement. Shipbuilding shareholders will have the same right to elect to receive cash or shares of Northrop Grumman stock as described above. Kent Kresa, Northrop Grumman chairman and chief executive officer.

GD Extends Offer For NNS

General Dynamics extended its pending tender offer for Newport News Shipbuilding Inc. as it waits for the U.S. government's decision on the proposed merger. General Dynamics, which is competing with Northrop Grumman Corp. to buy Newport News, has extended its offer to Aug. 17. It had previously scheduled to expire at midnight on Aug. 3, the company said. As of Aug. 3, about 221.6 million shares of Newport News had been tendered, General Dynamics said. That exceeds the majority of shares outstanding, it said. Shares of General Dynamics closed Friday at $82.67 on the New York Stock Exchange, just off its 52-week high of $85.20. Shares of Newport News closed $63.60 on NYSE Friday, just off its 52-week high of $65.68.

Northrop Completes Merger With NNS

Northrop Grumman Corporation announced that it has completed the acquisition of the shares of Newport News Shipbuilding Inc. common stock not previously purchased in its tender offer that expired on Nov. 29, 2001. As a result of the statutory merger completed Friday, Northrop Grumman now owns 100 percent of Newport News. Newport News shareholders who surrendered their shares in the merger will receive either 0.7193 shares of Northrop Grumman common stock or $67.50 in cash, subject to proration procedures and other limitations described in documents previously provided to Newport News shareholders. Northrop Grumman will announce shortly the proration calculations in connection with the completion of the merger.

Northrop Grumman Outlook Downgraded

Goldman Sachs lowered its rating on U.S. military contractor Northrop Grumman Corp. to market perform from outperform. In a report, analyst Howard Rubel said the downgrade stemmed from potential dilution and distraction over a bid for Newport News Shipbuilding Inc. He said a combination between Northrop and Newport News may not produce the benefits for Northrop or the U.S. Navy that a General Dynamics Corp.-Newport News deal would. General Dynamics and Northrop have competing bids for the shipbuilder. General Dynamics agreed to buy Newport News for $2.1 billion in cash, while Northrop is offering $2.1 billion mostly in stock. Northrop…

NNS Board Approves General Dynamics Plan

Newport News Shipbuilding Inc.'s board voted to back the $2.1 billion takeover offer from fellow defense contractor General Dynamics Corp. over a rival offer from Northrop Grumman Corp. Newport News, a warship builder, said in a statement its board voted unanimously to recommend the company go with General Dynamics' offer after determining it did not have enough information regarding the positions of federal antitrust regulators and defense officials to take a position on the Northrop bid. Newport News and General Dynamics announced plans to combine in April. Northrop countered with its own offer for Newport News in May. Though structured differently, Northrop's offer is about equal to that of General Dynamics. - (Reuters)

Northrop Grumman Extends NNS Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. from Aug. 30, 2001, to Sept. 13, 2001, at midnight E.D.T.

NNS Announces $100M Share Buyback

Military ship and submarine builder Newport News Shipbuilding Inc. approved a $100 million share buyback program. The amount of the buyback is equivalent to nearly 6 percent of its shares outstanding based on current market prices. The buyback comes on top of previous share repurchases that have totaled 5.6 million shares since mid-1999.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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