(Cleveland-AP) -- Cleveland's TRW Corporation has rejected an unsolicited five-point-nine (b) billion dollar takeover offer from Northrop Grumman Corporation.
TRW says the offer was as inadequate. The company released a statement shortly before midnight saying its board voted unanimously to reject the offer.
TRW says the Northrup Grumman proposal ``undervalues'' T-R-W's leadership positions in the space, defense, information systems and automotive parts industries.
Analysts had said Northrop would benefit most from T-R-W's satellite production unit, which makes satellites used by the military to spy on enemies and coordinate troops, ships and airplanes.
Northrop makes sensors for satellites, but is a relatively small player in the market for military products used in outer space.