General Dynamics Bids for Shipyard; $2 Billion Offered for Newport News

From: The Washington Post | Date: February 19, 1999| Author: | Copyright information

General Dynamics Corp. of Falls Church yesterday made an unsolicited $2 billion offer to acquire Newport News Shipbuilding Inc., surprising the Virginia shipyard and potentially blocking Newport News's pending purchase of shipbuilder Avondale Industries Inc.

Newport News said in a statement after the stock market closed that it had received a letter from General Dynamics offering $38.50 a share in cash for all of its outstanding shares. That would value the offer at about $1.35 billion, but Newport News also has about $600 million in debt, which would likely have to be assumed in a deal. The ...

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