Finance History | 11 Wall Street — Sixty-Two Dollars Cash and a Combined Book Printed NOC
· 1994-5
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Finance History | 11 Wall Street — Sixty-Two Dollars Cash and a Combined Book Printed NOC
kevin
People treat Northrop Grumman as a Falls Church defense house that always printed NOC after a finished New York book.
The May 1994 issuer was Northrop Corporation, already listed, after a cash tender for Grumman Corporation of Bethpage.
A contemporary New York Times report records the winning bid at 62 U.S. dollars a Grumman share in 1994 dollars, or about 2.1 billion U.S. dollars, beating Martin Marietta's 55 U.S. dollar bid.
An SEC schedule filed that spring records that the tender accepted shares on 16 April 1994 and that the merger was expected to be consummated on or about 18 May 1994, after which the combined company took the name Northrop Grumman Corporation.
The present tape is still NOC on the New York Stock Exchange.
The mechanism is a cash takeover listing: Grumman's separate book stopped, and the surviving Northrop tape kept the letters NOC under a new combined name.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that printed the combined book.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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