OTHER NEWS - April 18, 1994
From Times Staff and Wire Reports
Northrop Gets 93.4% of Grumman Stock: Moving to complete its acquisition of Grumman Corp., Northrop Corp. said it received the shares by the expiration of its $2.1-billion tender offer for the defense contractor. The offer by Northrop Acquisition Inc. to buy for cash all outstanding Grumman common shares, including associated preferred stock purchase rights at $62 a share, expired at 9 p.m. PDT Friday. Northrop said it received 32,766,109 shares of Grumman common stock. It said it will move promptly to complete its acquisition of the Bethpage, N.Y.-based company pursuant to the merger agreement, which creates the nation’s largest defense contractor. Northrop beat out rival defense contractor Martin Marietta Corp. in the battle for Grumman.
