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November 15, 2009

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Northrop sweetens offer

Monday, April 15, 2002 | 9:53 a.m.

LOS ANGELES -- Northrop Grumman Corp. today sweetened its hostile bid for TRW Inc. to $12.2 billion, one week before TRW shareholders will consider proposals to force the company to open negotiations on the takeover offer.

Northrop, the No. 4 U.S. defense contractor, raised the bid to $53 a share from $47, contingent on TRW handing over more financial information, said Frank Moore, a Northrop spokesman. TRW, which has refused to start talks, said in a statement that the company's board will review the proposal.

"It will be difficult for TRW's board to rebuff this offer unless they can prove that their strategic plan will ultimately provide more value," said Robert Norfleet, an analyst with Davenport & Co., which owns Northrop shares and manages about $2 billion in assets.

TRW Interim Chairman Phil Odeen has drafted an alternate plan to spin off or sell the firm's auto-parts unit and become a stand-alone defense contractor. TRW shares rose 68 cents to $52.65 in early trading today.

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