Word: grummans
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Northrop Corp., the Los Angeles weapons maker, won the battle for Long Island, New York, military contractor Grumman. Competing with Martin Marietta for the prize, Northrop agreed to pay $62 a share, or about $2.1 billion, for Grumman -- close to $170 million more than Martin Marietta, Grumman's original choice for a partner, was willing to fork over. Grumman had sought a merger to help ensure longevity in the shrinking military industry. Grumman agreed to pay Martin Marietta $50 million to forget their deal. And what will the employees of Grumman get? Most likely, layoffs...
TAKEOVERS: First Blood in the Fight for Grumman...
...entry by Northrop with a competing offer of $60 a share virtually ensures a bidding war that will enrich Grumman shareholders but will do nothing for the Chicago traders, who will have to pay "the lion's share" of the deficit. Only if the insiders are convicted will the pair have even a chance of escaping their obligation...
...Battle for Grumman...
...post-cold war consolidation of the U.S. defense industry intensified with a bidding war to purchase the ailing Grumman Corp., one of the most venerable names in military aviation. Martin Marietta's announcement of a $1.9 billion deal to acquire Grumman was followed by a $2 billion offer from Northrop. As the buyout battle unfolded, the sec launched an insider-trading investigation into heavy stock and option trading of Grumman shares that occurred just before Martin Marietta announced its move...