Markets & Finance

Northrop Launches Formal Bid for TRW

Northrop Grumman (NOC) launches a formal $5.9 billion hostile offer for TRW Inc. (TRW) after TRW's board rejected Northrop's unsolicited bid on Sunday. TRW considers Northrop's Feb. 21 offer to be too low, according to news reports. Northrop offered $47 in stock for each TRW share, plus the assumption of $5.5 billion of debt. (3/4)

Los Angeles-based buyout firm Gores Technology Group is preparing a bid for Global Crossing Ltd., the fiber-optic company in Chapter 11 bankruptcy, according to Sunday's Los Angeles Times. Gores' bid may be higher than the current $750 million bid by Hutchison Whampoa and Singapore Technologies. Other telecom companies are also reportedly considering offering bids for Global Crossing. (3/4)

Investment Technology Group Inc. (ITG) agrees to acquire Hoenig Group (HOEN) for $12.34-$12.59 per share in cash. (2/28)

BCSB Bankcorp (BCSB) agrees to acquire WHG Bancshares (WHGB) for $14.25 per share in cash. (2/28)

DMC Stratex Networks (STXN) makes an unsolicited bid to acquire wireless equipment maker Western Multiplex (WMUX) for about $170 million. Terms: 0.5215 STXN share/WMUX share. In January, Western Multiplex agreed to merge with Proxim Inc. (PROX), a maker of spectrum wireless local area network products, in a deal valued at $182 million. (2/28)

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