TRW Inc. SC 14D9-C Preliminary Communications

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KWg17lGMKjA/jvVrgk+HsMgpptgZtohwQ2qYwMTfKYJXgB9Pr1lbojnUQvlG3x2k Qn1v6YoSj5kXITGStR7Ghg== 0000950152-02-001482.txt : 20020415 0000950152-02-001482.hdr.sgml : 20020415 ACCESSION NUMBER: 0000950152-02-001482 CONFORMED SUBMISSION TYPE: SC14D9C PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20020304 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TRW INC CENTRAL INDEX KEY: 0000100030 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 340575430 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC14D9C SEC ACT: 1934 Act SEC FILE NUMBER: 005-08870 FILM NUMBER: 02566318 BUSINESS ADDRESS: STREET 1: 1900 RICHMOND RD CITY: CLEVELAND STATE: OH ZIP: 44124 BUSINESS PHONE: 2162917000 MAIL ADDRESS: STREET 1: 1900 RICHMOND ROAD CITY: CLEVELAND STATE: OH ZIP: 44124 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TRW INC CENTRAL INDEX KEY: 0000100030 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 340575430 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC14D9C BUSINESS ADDRESS: STREET 1: 1900 RICHMOND RD CITY: CLEVELAND STATE: OH ZIP: 44124 BUSINESS PHONE: 2162917000 MAIL ADDRESS: STREET 1: 1900 RICHMOND ROAD CITY: CLEVELAND STATE: OH ZIP: 44124 SC14D9C 1 l93147asc14d9-c.htm TRW INC. SC 14D9-C PRELIMINARY COMMUNICATIONS TRW Inc. SC 14D9-C Preliminary Communications

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 14D-9

Solicitation/Recommendation Statement Under
Section 14(d)(4) of the Securities Exchange Act of 1934

TRW INC.
(Name of Subject Company)

TRW INC.
(Name of Person(s) Filing Statement)

Common Stock, Par Value $0.625 Per Share
Cumulative Serial Preference Stock II, $4.40 Convertible Series 1
Cumulative Serial Preference Stock II, $4.50 Convertible Series 3
(Title of Class of Securities)

872649108
872649504
872649603
(CUSIP Number of Class of Securities)

William B. Lawrence
Executive Vice President, General Counsel and Secretary
TRW Inc.
1900 Richmond Road
Cleveland, Ohio 44124
(216) 291-7000

(Name, Address and Telephone Number of Person Authorized to Receive Notice and
Communications on Behalf of the Person(s) Filing Statement)

With copies to:

Peter Allan Atkins
Eric L. Cochran
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
(212) 735-3000


[x]		Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.


News Release		TRW Inc. 1900 Richmond Road Cleveland, OH 44124


For Immediate Release		Contact Judy Wilkinson or Barrett Godsey Joele Frank, Wilkinson Brimmer Katcher 212-355-4449





		Jay McCaffrey, TRW Media 216-291-7179

		Ron Vargo, TRW Investors 216-291-7506

TRW BOARD REJECTS NORTHROP GRUMMAN PROPOSAL

CLEVELAND, March 3, 2002 – TRW Inc. (NYSE: TRW) announced today that its board of directors has unanimously determined to reject Northrop Grumman Corporation’s (NYSE: NOC) proposal set forth in its letter dated February 21, 2002 to acquire all of the outstanding shares of TRW for $47 per share in Northrop Grumman stock. After careful consideration, including consultation with independent financial and legal advisors, the TRW board of directors concluded that Northrop Grumman’s proposal was financially inadequate. The board noted its belief that the Northrop Grumman proposal grossly undervalues TRW’s advanced portfolio of technology and market leadership positions in space, defense, information systems and automotive parts, and is not consistent with the board’s objective of enhancing shareholder value.

“This is all about shareholder value,” said Philip A. Odeen, TRW’s chairman, “and the Northrop Grumman proposal does not begin to recognize the value of TRW’s franchise.”

Following is a letter sent today from TRW chairman Philip A. Odeen and lead director Kenneth A. Freeman to Kent Kresa, chairman and chief executive officer of Northrop Grumman.

March 3, 2002

Mr. Kent Kresa

Chairman of the Board and Chief Executive Officer

Northrop Grumman Corporation

1840 Century Park East

Los Angeles, CA 90067

Dear Mr. Kresa:

The board of directors of TRW has met to consider Northrop Grumman’s February 21 proposal to acquire TRW for $47 per share in stock.

After careful consideration, including a thorough review of the proposal with our independent financial and legal advisors, the board has determined not to pursue discussions with regard to Northrop Grumman’s proposal. Simply put, the board has unanimously concluded that Northrop Grumman’s proposal is financially inadequate. We believe Northrop Grumman’s proposal grossly undervalues TRW’s businesses, including its premier franchise in the defense industry, does not adequately reflect the true value of our unique market position and business opportunities, and is not consistent with our objective of enhancing shareholder value.

(more)

Page 2

In making this determination, and based on your letter, we have assumed that the $47 per share would be in fixed value and that the timing or closing of such transaction would not be conditioned in any way upon the separation of our automotive business. Accordingly, our board has determined that there is no reason to explore Northrop Grumman’s proposal further.

The board views Northrop Grumman’s proposal as an opportunistic attempt to acquire one of the industry’s leading space and electronics and systems businesses at a time when TRW’s stock price was temporarily depressed after the sudden departure of David Cote, our former chairman, president and chief executive officer. In addition, as of March 1, 2002, TRW’s stock price closed at $50.05 per share, over $3 per share higher than Northrop Grumman’s proposal.

TRW is positioned for future technology-driven growth. Our space and defense businesses are in the “sweet spot” of growth in national defense and homeland security. Our aeronautical business is a global leader in control systems and product support and is well positioned for growth as the commercial aerospace sector continues to rebound. Our global automotive business is a market and technology leader in our product segments and is generating strong cash flow, even at the bottom of the automotive cycle. We have been driving cost reductions and productivity improvements, while creating a customer-focused, performance-driven culture. Over the past three years, we have reduced net debt by $3.9 billion. In 2001, we exceeded earnings expectations for each quarter and are on track to meet 2002 expectations.

We are confident in TRW’s ability to continue to take the steps necessary to fully realize the value of our franchise. Toward this end, the board’s executive search committee, comprised of outside directors, has selected a prominent executive search firm and is actively engaged in a search for a new chief executive officer. As you know, TRW has an experienced senior management team and an outstanding employee base. We are 94,000 strong worldwide and our employees are highly committed to the company and their customers in the aerospace, systems and automotive businesses. With our unparalleled technologies and market leading positions, we are confident that great things can continue to be expected from TRW.


Sincerely,




//s// Philip A. Odeen Philip A. Odeen Chairman		//s// Kenneth W. Freeman Kenneth W. Freeman Lead Director

Goldman, Sachs & Co. and Credit Suisse First Boston Corporation are serving as financial advisors to TRW, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.

Statements that are not statements of historical fact may be forward-looking statements. Important factors that could cause TRW’s actual results to differ materially from the forward-looking statements contained in this release can be found in TRW’s most recent quarterly report on Form 10-Q for the quarter ended September 30, 2001.

This release does not relate to Northrop Grumman’s exchange offer announced March 3, 2002. Shareholders of TRW are advised to read TRW’s Solicitation / Recommendation Statement on Schedule 14D-9 when it becomes available because it will contain important information. Shareholders of TRW and other interested parties may obtain, free of charge, copies of the Schedule 14D-9 and other documents filed by TRW at the SEC’s internet website at www.sec.gov. Each of these documents may also be obtained, free of charge, by calling investor relations at TRW at 216-291-7506.

TRW provides advanced-technology products and services for the aerospace, systems, and automotive markets.

###

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	Mr. Kent Kresa
	Chairman of the Board and Chief Executive Officer
	Northrop Grumman Corporation
	1840 Century Park East
	Los Angeles, CA 90067

	Dear Mr. Kresa:

	The board of directors of TRW has met to consider Northrop Grumman’s February 21 proposal to acquire TRW for $47 per share in stock.

	After careful consideration, including a thorough review of the proposal with our independent financial and legal advisors, the board has determined not to pursue discussions with regard to Northrop Grumman’s proposal. Simply put, the board has unanimously concluded that Northrop Grumman’s proposal is financially inadequate. We believe Northrop Grumman’s proposal grossly undervalues TRW’s businesses, including its premier franchise in the defense industry, does not adequately reflect the true value of our unique market position and business opportunities, and is not consistent with our objective of enhancing shareholder value.


	In making this determination, and based on your letter, we have assumed that the $47 per share would be in fixed value and that the timing or closing of such transaction would not be conditioned in any way upon the separation of our automotive business. Accordingly, our board has determined that there is no reason to explore Northrop Grumman’s proposal further.

	The board views Northrop Grumman’s proposal as an opportunistic attempt to acquire one of the industry’s leading space and electronics and systems businesses at a time when TRW’s stock price was temporarily depressed after the sudden departure of David Cote, our former chairman, president and chief executive officer. In addition, as of March 1, 2002, TRW’s stock price closed at $50.05 per share, over $3 per share higher than Northrop Grumman’s proposal.

	TRW is positioned for future technology-driven growth. Our space and defense businesses are in the “sweet spot” of growth in national defense and homeland security. Our aeronautical business is a global leader in control systems and product support and is well positioned for growth as the commercial aerospace sector continues to rebound. Our global automotive business is a market and technology leader in our product segments and is generating strong cash flow, even at the bottom of the automotive cycle. We have been driving cost reductions and productivity improvements, while creating a customer-focused, performance-driven culture. Over the past three years, we have reduced net debt by $3.9 billion. In 2001, we exceeded earnings expectations for each quarter and are on track to meet 2002 expectations.

	We are confident in TRW’s ability to continue to take the steps necessary to fully realize the value of our franchise. Toward this end, the board’s executive search committee, comprised of outside directors, has selected a prominent executive search firm and is actively engaged in a search for a new chief executive officer. As you know, TRW has an experienced senior management team and an outstanding employee base. We are 94,000 strong worldwide and our employees are highly committed to the company and their customers in the aerospace, systems and automotive businesses. With our unparalleled technologies and market leading positions, we are confident that great things can continue to be expected from TRW.