NTRW rejects Northrup Grumman takeover bid

<br>(Cleveland-AP) -- Cleveland's TRW Corporation has rejected an unsolicited five-point-nine (b) billion dollar takeover offer from Northrop Grumman Corporation. <br><br>TRW says the offer was as

Tuesday, March 5th 2002, 12:00 am

By: News On 6

(Cleveland-AP) -- Cleveland's TRW Corporation has rejected an unsolicited five-point-nine (b) billion dollar takeover offer from Northrop Grumman Corporation.

TRW says the offer was as inadequate. The company released a statement shortly before midnight saying its board voted unanimously to reject the offer.

TRW says the Northrup Grumman proposal ``undervalues'' T-R-W's leadership positions in the space, defense, information systems and automotive parts industries.

Analysts had said Northrop would benefit most from T-R-W's satellite production unit, which makes satellites used by the military to spy on enemies and coordinate troops, ships and airplanes.

Northrop makes sensors for satellites, but is a relatively small player in the market for military products used in outer space.