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General Dynamics: Both Yards Would Stay Open in Proposed Merger

FALLS CHURCH, Va. -- General Dynamics (NYSE:GD) confirmed yesterday its unsolicited bid to acquire the outstanding shares of Newport Shipbuilding, Inc. (NYSE: NNS) for $38.50 per share. General Dynamics made that offer in a letter to Newport News on February 10, 1999.

In response to queries today about plans to operate two nuclear-capable shipyards under the proposed merger, General Dynamics Chairman and Chief Executive Officer Nicholas D. Chabraja said, "National security and other considerations dictate that the combined companies would continue to operate the current nuclear-capable shipyards in Connecticut and Virginia. This would keep both facilities strong and vibrant. We continue to believe that this merger would be in the best interests of our Navy customer as well as the shareholders and employees of both companies."

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 - Friday, February 19, 1999