Company Waiting To Decide Whether To Continue TRW Takeover Attempt - Cleveland 19 News Cleveland, OH

Company Waiting To Decide Whether To Continue TRW Takeover Attempt

LYNDHURST, Ohio (AP) - Northrop Grumman officials say that they'll wait until Monday to decide whether to continue their attempt at a hostile takeover of locally-based TRW Inc.

On Friday, TRW shareholders blocked Northrop Grumman's $6.7 billion bid. The offer to buy TRW for $53 per share expires at midnight.

A vote total was not immediately available, but TRW Chairman Philip Odeen said that he would characterize it as a clear-cut victory.

Under Ohio's tough anti-takeover laws, Northrop can't buy more than 20 percent of TRW's stock without permission of the stockholders.

If Los Angeles-based Northrop still wants to take over the company, it will have to negotiate with TRW's board, which has called Northrop Grumman's two offers inadequate.

(Copyright 2002 by The Associated Press. All Rights Reserved.)

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