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BRIEFLY

Aerospace

March 19, 1994|From Times Staff and Wire Reports

Grumman Review Pleases Northrop: After a review of additional Grumman Corp. financial data, Northrop Corp. Chairman Kent Kresa said he is more convinced than ever that the two defense contractors would make a great combination. Northrop last week made an unsolicited bid for Grumman, one of the most venerable names in the defense industry, at $60 a share, or about $2.04 billion. A few days earlier, Grumman had accepted a bid from Martin Marietta Corp. at $55 a share, a total of about $1.87 billion. The question now is whether Martin Marietta will start a bidding war by raising its offer. Los Angeles-based Northrop produces the stealth bomber and other aircraft.

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