USA: TRW statement concerning unsolicited proposal by Northrop Grumman
TRW's statement on Northrop Grumman's proposal reads:
"TRW Inc. acknowledged receipt from Northrop Grumman of an unsolicited proposal of $47 in Northrop common stock for each share of TRW common stock. TRW's Board of Directors will address the Northrop proposal in order to determine the appropriate course, which will serve the best interests of TRW's shareholders and other constituencies. Shareholders need take no action at this time.
TRW finds it regrettable that Northrop Grumman has chosen to make this proposal immediately following the unexpected departure of its former Chief Executive Officer, David Cote, and the aberrationally low stock price that resulted.
TRW provides advanced-technology products and services for the aerospace, systems, and automotive markets."