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.

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