TRW Board Named in Shareholder Suit
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TRW Inc.’s board and senior executives have been named in the first shareholder lawsuit since the auto parts and defense equipment maker rejected Northrop Grumman Corp.’s takeover bid.
The suit seeks to force the board to “adequately consider” Northrop’s now hostile $11.4-billion bid. Arthur Posner and Rachel Hirsch charge that TRW’s board is ignoring its duty to increase shareholder value.
The lawsuit, filed in the U.S. District Court of Northern Ohio eastern division, also seeks class-action status.
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