Saying it needed more time, TRW Inc. announced it would not meet Wednesday's deadline for responding to the $6 billion hostile takeover bid by Northrop Grumman Corp. Most analysts expect TRW, whose stock was trading at $50.75 a share Tuesday, to reject Northrop Grumman's offer, at least in its present form. While continuing efforts to sell off its core auto-parts business, the analysts said Cleveland-based TRW also may court offers for its satellite and missile systems division from such rival defense contractors as Lockheed Martin, Ratheon, and Boeing.
Today's deadline for a deal to rescue deeply indebted Ansett Australia Ltd. will not be met, and the carrier appeared all but certain to cease operations next Monday night, reports said. The 66-year-old airline, Australia's second-largest behind Qantas, has been in receivership since mid-September, and only 3,000 of its original 17,000 employees remain on the payroll. All are expected to lose their jobs as the receivers seek buyers for Ansett's choicest assets. A $940 million bailout proposal by a consortium of Australian investors had the approval of Ansett's creditors and shareholders, but its two principals said they couldn't complete negotiations on leasing terminal space in time.