Markets & Finance

TRW Blocks Northrop's Raised Bid

TRW (TRW) shareholders voted to block Northrop Grumman's (NOC) $6.7 billion hostile takeover bid. Northrop says it will let its $53 a share bid for TRW lapse Friday night and announce May 6 if it still wants to buy TRW. (5/3)

Microsoft co-founder Paul Allen sold his remaining stake in USA Networks (USAI) for $568.6 million, or $28.50 a share, to institutional investors, according to a SEC filing. Legg Mason (LM) and Maverick Investments bought the bulk of the USA Networks shares. (5/3)

James Awad of Awad Asset Management thinks Capital Crossing (CAPX) is attractive takeover prey: BusinessWeek.

Level 3 Communications (LVLT) agrees to acquire business software maker Software Spectrum (SSPE) for $122 million, or $37 per share in cash. (5/2)

General Dynamics (GD) agrees to acquire Advanced Technical Products (ATPX) for $33.50 a share. (5/2)

Jefferson Smurfit (JS) is in preliminary talks with third parties regarding a possible offer for part or all of the company. (5/2)

Interstate Hotels (IHCO) agress to merge with Meristar Hotels (MMH). Terms: 4.6 shares or the new company per IHCO share; 1 share of the new company per MMH share.

Northwest Bancorp (NWSB) extends takeover offer for Leeds Federal Bankshares (LFED) to Aug. 28, 2002. (5/1)

Vicom (VICM) receives an unsolicited buyout offer of $3.75 per share from Amara Group. (5/1)

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