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IN BRIEF / California

TRW Gets 3 Bids For Defense Units

June 25, 2002|Times Wire Services

Three defense giants have submitted bids for TRW Inc.'s defense businesses, putting pressure on Northrop Grumman Corp. to sweeten its offer for all of TRW, the Wall Street Journal reported.

General Dynamics Corp., Raytheon Co. and Britain's BAE Systems have bid for TRW units, the Journal said. Officials at the five companies involved were not immediately available for comment. TRW had set a deadline of Monday for bids for its defense assets, which make satellites and missile-defense systems.

Earlier Monday, Los Angeles-based Northrop said it was extending its offer for all of TRW by one week to Friday. The company made a $6.7-billion hostile offer for TRW. TRW is studying a parallel breakup plan.

About 3.31 million TRW shares, just 2.6% of the total outstanding, had been tendered in favor of the $53-per-share offer as of Friday, the previous expiration date, Northrop said.

People familiar with the bids told the Journal that Northrop submitted a new bid for TRW but it couldn't be determined how it was different from previous offers.

On the New York Stock Exchange, TRW shares gained 15 cents to $56.45 while Northrop shares fell 34 cents to $128.35.

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