‘Dynamics Denies Litton Rumor
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General Dynamics Corp., attempting to put to rest persistent speculation, on Tuesday said it’s not in talks to purchase any part of Woodland Hills-based Litton Industries Inc.
In a statement, the Falls Church, Va.-based manufacturer of submarines, destroyer ships and tanks said it wants to end and “two weeks of press speculation that a deal with Litton was imminent.”
Ten days ago, Business Week quoted an unnamed investment manager who said Litton, which also makes destroyers and other military equipment, could be bought for $80 a share.
An $80-a-share offer for Litton would value that company at about $3.8 billion.
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