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)