Northrop Grumman Renews Newport Bid
Northrop Grumman Corp. renewed its bid Thursday for Newport News Shipbuilding Inc. a sixth time, brushing off reports that an offer from a rival defense contractor is rising in favor among Pentagon officials.
Northrop Grumman renewed its May offer of $2.1 billion in cash and stock to match General Dynamics Corp.’s all-cash deal, which has won initial favor with the Newport News board. The announcement was made after the close of trading.
By law, Northrop’s bid--which has been met only with silence--must be extended every two weeks. The next deadline is Sept. 13.
A Justice Department recommendation on the issue is expected in late September.
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