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.
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.
