General Dynamics Corporation’s bid for takeover of Newport News Shipbuilding Inc. is losing support among Newport’s shareholders after indications that Northrup Gruman Corporation might make a better offer.
Northrup’s stock has risen 31 percent since September 11 and said on Friday that it’s latest cash-and-stock tender offer doubled the number of shares it received. General Dynamics reported that the number of shares it got in the latest tender orund fell by about 35 percent.
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Northrup and Newport plan on discussing a higher bid after Northrup shares advanced on expectations of rising sales of unmanned surveillance aircraft and defense electronics.
