Northrop Launches Formal Bid for TRW

Buyout firm Gores Technology Group is reportedly preparing a bid for Global Crossing, plus more merger news

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)

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