Affiliated Computer Services Inc. has acquired contracts worth $370 million, one with the University of Phoenix and the other with General Motors Corp.
TRW Inc. and Northrop Grumman Corp. announced May 6 they have signed a confidentiality agreement that will give Northrop Grumman access to non-public financial information from TRW. In light of the agreement, Northrop Grumman has extended its tender offer for shares of TRW to May 17.
Initial indications are that shareholders have rejected Northrop Grumman's proposed acquisition of TRW for $53 per share, plus assumption of $5.5 billion in debt. "TRW shareholders have spoken and their message is clear ? they support the TRW board and the actions it is taking to enhance shareholder value," said Philip Odeen, TRW chairman.
Total System Services Inc. has signed a five-year agreement valued at more than $120 million with Accenture Ltd. to process postsecondary student grant and loan funding for the Department of Education, the company announced April 30.
Insight Enterprises Inc. announced it has acquired Comark Inc., a value-added reseller with annual revenue of about $1.5 billion. Insight acquired privately owned Comark for $150 million ? $100 million in cash and 2.3 million shares of Insight Enterprises' stock worth about $50 million.
Seven companies have been selected for next generation engineering services for the Defense Information Systems Agency. The indefinite delivery, indefinite quantity contract vehicle will have a seven-year life and has an overall ceiling of $1 billion.
At their annual corporate meeting, TRW Inc. shareholders sent a mixed message on the merits of Northrop Grumman Corp.'s acquisition proposal, allowing both companies to claim victory. TRW shareholders want Northrop Grumman to begin the due diligence process in connection with its proposed acquisition of TRW, said Kent Kresa,Northrop Grumman chairman and chief executive officer.
The New York joins Global Crossing Ltd. and Sprint Communications Corp. in objecting to the award of the Defense Research and Engineering Network contract to WorldCom.
Move over combat systems and aerospace: For the first time, General Dynamics Corp.'s information technology group has generated more revenue than the aerospace, combat systems or other groups more traditionally associated with the company's defense work.Chairman and chief executive officer Nicholas Chabraja said: "Information Systems and Technology was the sales leader for the first time among our four groups."
TRW Inc.'s board of directors has rejected Northrop Grumman Corp.'s new offer to buy the company for $53 per share. The board called the new offer inadequate and is recommending that shareholders reject it, the company announced.
