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Report Says TI May Sell Defense Division

November 07, 1996|Times Staff and Wire Reports

Texas Instruments Inc. stock rose sharply on reports that the high-technology giant is selling its defense-electronics holdings, valued at $2 billion or more. The Wall Street Journal, citing people familiar with the initial bids, said military plane maker McDonnell Douglas Corp. was among the first to express interest. TI's stock closed up $4.50, or 8.72%, at $53 a share on the New York Stock Exchange. McDonnell Douglas shares rose 87.5 cents to close at $54.125 on NYSE. Spokesmen for Dallas-based Texas Instruments and McDonnell Douglas in St. Louis declined to comment on the report. The TI holdings include operations that make missile sensors and seekers, advanced aircraft radars and night vision systems. The operations accounted for $1.74 billion in revenue last year. The auction process could take weeks or even months. The newspaper said bidders may also include the Hughes Electronics unit of General Motors Corp., as well as Raytheon Corp. and Northrop Grumman Corp.

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