General Dynamics Confirms Bid to Acquire Newport News Shipbuilding
FALLS CHURCH, Va. -- Newport News Shipbuilding today issued a press release regarding General Dynamics’ unsolicited offer to acquire the outstanding shares of Newport News for $38.50 per share.
"General Dynamics did, in fact, make such an offer on February 10, 1999," said General Dynamics Chairman and Chief Executive Officer Nicholas D. Chabraja. "There is a superb strategic fit between Newport News Shipbuilding and General Dynamics, and the proposed merger would benefit the shareholders and employees of both companies, as well as our Navy customer. We believe the transaction will receive the required regulatory approvals because the combination of our companies would not adversely affect competition in the industry."
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Thursday, February 18, 1999
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