-----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, Ct9KH98jSaeZ4in0pF7GVhFO4H7gLjasOTvgfJtF6tx9IaVpc/orKekxFjcP79fy 0ks9lWoCtlKEhXVB/cVxyQ== 0000950172-02-000889.txt : 20020503 0000950172-02-000889.hdr.sgml : 20020503 ACCESSION NUMBER: 0000950172-02-000889 CONFORMED SUBMISSION TYPE: SC 14D9/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20020503 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: SC 14D9/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-08870 FILM NUMBER: 02633250 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: SC 14D9/A 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 SC 14D9/A 1 s627743.txt AMENDMENT #12 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 (Amendment No. 12) ------------------ 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 [ ] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer This Amendment No. 12 to Schedule 14D-9 amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 originally filed by TRW Inc. on March 13, 2002 and amended on March 25, 2002, April 2, 2002, April 3, 2002, April 4, 2002, April 10, 2002, April 11, 2002, April 15, 2002, April 17, 2002, April 19, 2002, April 24, 2002 and May 1, 2002. Except as otherwise indicated, the information set forth in the original Schedule 14D-9 and Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment No. 10 and Amendment No. 11 thereto remains unchanged. Capitalized terms used but not defined herein have the meanings ascribed to them in the Schedule 14D-9 and the amendments thereto. ITEM 8. ADDITIONAL INFORMATION TO BE FURNISHED. Item 8(a) is hereby amended by adding the following disclosure at the end of the subsection entitled Litigation: On May 1, 2002, the Court of Appeals for the Sixth Circuit ordered a schedule for final briefing to be completed by June 21, 2002. ITEM 9. EXHIBITS. Item 9 is hereby amended and supplemented by adding the following thereto: Exhibit No. (a)(26) Press Release issued by TRW on May 1, 2002. (a)(27) Press Release issued by TRW on May 3, 2002. SIGNATURE After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. TRW INC. By: /s/ William B. Lawrence ------------------------------- William B. Lawrence Executive Vice President, General Counsel and Secretary Dated: May 3, 2002 EX-99.1 3 ex26.txt EXHIBIT (A)(26) Exhibit (a)(26) News Release TRW Inc. [TRW Logo] 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 RESPONDS TO NORTHROP'S LETTER CLEVELAND, May 1, 2002 - TRW Inc. (NYSE: TRW) today sent the following letter to Northrop Grumman Corporation (NYSE: NOC). May 1, 2002 W. Burks Terry, Esq. Corporate Vice President and General Counsel Northrop Grumman Corporation 1840 Century Park East Los Angeles, CA 80067-2199 Dear Mr. Terry: We strongly disagree with your characterization of our press release. To date, we have proposed two separate versions of a standstill, the second of which has been executed by several other parties. Additionally, we offered last week to sit down and discuss with Northrop this matter. Northrop declined our offer. We also invited you by telephone earlier this week to propose an alternative to your "75-day standstill," which as you know, based on my April 30 letter, simply does not work for TRW shareholders. Again, we have received no response. I stand by my letter of April 30. Clearly, the significant issue is the standstill. As I said in my letter, and at your request I am confirming to you now, we can address the standstill period's length to some extent. I feel compelled to make one additional comment. In your letter to shareholders today, Northrop stated: "Without a favorable vote at the special meeting, our exchange offer cannot legally proceed, and you will not have the opportunity to ever consider the value in our current offer or any other enhanced proposal we may make in the future." This is simply not the case. Under Ohio Law, nothing would prevent Northrop from seeking another special meeting of shareholders to vote on a revised offer. In fact, Northrop can go back to shareholders at any time. If Northrop is truly interested in making its best proposal for TRW, you have a clear opportunity to do so in a process that we have already set in motion. I am confident that our joint efforts would be more productive if they were aimed in that direction. If you would like to discuss this at any time, please call me. Sincerely, /s/ William B. Lawrence ------------------------------------------------------- Executive Vice President, General Counsel and Secretary TRW provides advanced-technology products and services for the aerospace, systems, and automotive markets. # # # EX-99.2 4 ex27.txt EXHIBIT (A)(27) Exhibit (a)(27) News Release TRW Inc. [TRW Logo] 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 SHAREHOLDERS AGAIN SUPPORT TRW'S BOARD AND REJECT NORTHROP'S CONTROL SHARE ACQUISITION PROPOSAL AT TRW'S SPECIAL MEETING OF SHAREHOLDERS TRW Remains Committed To Its Value Enhancement Plan And Exploration Of Strategic Alternatives Continues To Urge Shareholders To Reject Northrop's Inadequate Offer Cleveland, May 3, 2002 - TRW Inc. (NYSE: TRW) today announced that it appears that TRW shareholders have rejected Northrop Grumman Corporation's (NYSE: NOC) control share acquisition proposal on both required votes under Ohio law, based on the number of proxies submitted to the independent inspector of election, IVS Associates, Inc., at today's Special Meeting of TRW Shareholders. Approval of the proposal would have allowed Northrop, under Ohio's Control Share Acquisition Statute, to purchase more than 20 percent of TRW's shares pursuant to Northrop's unsolicited $53* per share exchange offer. TRW's Board of Directors has unanimously rejected Northrop's offer as financially inadequate, highly conditional and not in the best interests of TRW shareholders. "TRW shareholders have spoken and their message is clear - they support the TRW Board and the actions it is taking to enhance shareholder value. As you are aware, the focus of our Board has been on shareholder value. In this regard, in addition to our Value Enhancement Plan, we are exploring other strategic alternatives. We are already working with several parties toward that end," said Philip A. Odeen, chairman of TRW. "We have encouraged Northrop to participate in this process. Much attention, I know, has been focused on this issue. Last night, Northrop and TRW representatives met. We had a very constructive discussion regarding the confidentiality agreement. If Northrop wishes to proceed, I am confident that we can reach a mutually acceptable agreement. "TRW's strong operating performance and recent key contract wins demonstrate the strength of our businesses. Our Board and management are taking all the right steps to ensure our shareholders receive full value for their investment. We urge our shareholders to reject Northrop's offer and not tender their shares," concluded Mr. Odeen. Prior to the closing of the polls at the Special Meeting, all proxy cards received by TRW were turned over to the independent inspector of election who will tabulate the results. It is expected that the certified results will be provided in the near future. TRW will publicly announce the certified results once they are made available to the Company. TRW provides advanced-technology products and services for the aerospace, systems, and automotive markets. * Northrop Grumman's Offer to Exchange would provide for each share of TRW common stock to be exchanged for that number of shares of Northrop Grumman common stock having a value equal to $53. The exact exchange ratio would be determined by dividing $53 by the average of the closing price of Northrop Grumman common stock for the five consecutive trading days ending immediately prior to the second trading day prior to the expiration of the Offer to Exchange, but in no event will the exchange ratio be more than 0.4690 ($53/$113) or less than 0.4309 ($53/$123) This press release contains certain "forward-looking statements" that TRW believes are within the meaning of the Private Securities Litigation Reform Act of 1995. The safe harbors intended to be created thereby are not available to statements made in connection with a tender offer and TRW is not aware of any judicial determination as to the applicability of such safe harbors to forward-looking statements made in proxy solicitation materials when there is a simultaneous tender offer. However, shareholders should be aware that the preparation of any such forward-looking statements requires the use of estimates of future revenues, expenses, activity levels and economic and market conditions, many of which are outside the Company's control. Further, the Company's results could be affected by the ability to obtain new contract awards; the level of defense funding by the government and the termination of existing government contracts; pricing pressures from customers; moderation or decline in the automobile build rate; changes in consumer debt levels; work stoppages; unanticipated downturn in the financial condition of, or business relationships with customers or suppliers; the ability to reduce the level of outstanding debt from cash flow from operations and the proceeds from asset dispositions; a credit rating downgrade; increase in interest rates; customer recall and warranty claims; product liability and litigation issues; changes to the regulatory environment regarding automotive safety; the introduction of competing products or technology by competitors; the ability to attract and retain skilled employees with high-level technical competencies; the financial results of companies in which we have made technology investments; the availability of funding for research and development; economic, regulatory and political domestic and international conditions; fluctuations in currency exchange rates; and the impact of additional terrorist attacks, which could result in reduced automotive production, disruptions to the transportation system, or significant and prolonged disruption to air travel. In addition, there can be no assurance: (i) that an agreement relating to any investment in the Company, or relating to any sale or other distribution of all or a part of the Company's operating businesses will be reached, or that if an agreement is reached, that the transactions contemplated by such agreement will be consummated; (ii) that the Company will spin off the Automotive business or that such spin-off will be complete by the end of the fourth quarter 2002; (iii) that the Company will be successful in reducing the amount of its indebtedness, or that the methods described for debt reduction will be utilized; (iv) as to the amount by which debt will be reduced; (v) that the Company's strategy will deliver any particular level of value to TRW shareholders; (vi) that defense spending will rise and research, development, test and evaluation budgets will increase; (vii) that the commercial aerospace industry will stabilize; (viii) that North American 2002 light vehicle production will increase from 2001 levels; (ix) that 2002 earnings per share estimates will be met or exceeded; (x) with respect to the expected amounts of the Company's operating cash flows in 2002, that such amounts will be utilized to reduce the amount of the Company's indebtedness; (xi) with respect to the amounts that will be realized, if any, by the Company from divestitures; (xii) with respect to the amount of sales, earnings per share or cash flow that will be realized by the Company in 2002; and (xiii) that the Company's costs will decrease in 2002. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed. The Company assumes no obligation to update such estimates to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law. # # # -----END PRIVACY-ENHANCED MESSAGE-----