USA: TRW snubs Northrop again, says will spin off automotive unit
Auto components maker and defence contractor TRW Inc. yesterday rejected a US$6-billion takeover offer from Northrop Grumman Corp. for a second time, calling it inadequate, and said it intended to spin off its auto parts business instead. Its board of directors has unanimously determined that Northrop Grumman Corporation's March 4, 2002 unsolicited exchange offer for all outstanding shares of TRW common stock for $47 per share is financially inadequate and not in the best interests of TRW's shareholders, the company said in a statement. The statement added: 'Accordingly, the TRW board of directors urges TRW shareholders to reject Northrop Grumman's offer and not exchange their shares.'
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