Message posted by Jose on December 21, 2000 at 18:05:58 EST:

LOS ANGELES-BASED NORTHROP, which specializes in high-tech weapons systems, said it will pay $80 for each share of Litton common stock and $35 for each series B preferred share and will assume $1.3 billion in Litton debt.
In a release, Northrop said the acquisition would help it trim costs by at least $250 million over the next few years.

Credit Suisse First Boston and Chase Manhattan Bank will provide $6 billion in financing to Northrop, which said the purchase would boost earnings by 7 to 10 percent in 2001, excluding pension income and amortization and including a planned sale of new stock.
Litton Chairman Michael Brown will retire and Ronald Sugar, currently president at the Woodland Hills, Calif., defense electronics and shipbuilding company, will run the company as a subsidiary of Northrop, the companies said.

In Reply to: Northrop Grumman to buy Litton for $5.1 billion posted by Jose on December 21, 2000 at 16:53:14 EST:

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