Northrop vs. TRW Harvard Case Solution & Analysis

TRW, a leading provider of high technology products for the automotive, defense and aerospace markets, receives an unexpected stock in exchange for shares in the offer from defense company Northrop Grumman Corp. $ 11.4 billion in aggregate supply, which represents a 22% premium to the average trading price for the last 12 months, comes only two days after the CEO of TRW is, without prior notice, resigned. TRW's board faced with a difficult decision on which they voted for a few days: whether they should "just say no", rejecting the proposal of the hands? Do they have to negotiate a friendly deal with Northrop? Or do they have to put in the so-called TRW "Revlon mode" and the auction company at a high price? This case is based on the specifics of the strict laws of the State of Ohio antitaker, explores defensive tactics, hostile tender offers, the responsibilities of government, and with a fixed price exchange. It is designed for use in an advanced course on mergers and acquisitions. "Hide
by Carliss Y. Baldwin, James Quinn Source: HBS 10 pages. Publication Date: March 17, 2003. Prod. #: 903115-PDF-ENG

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