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Byline: Donna Block
Global defense company Northrop Grumman Corp. turned up the pressure April 14 in its bid for TRW Inc. by raising its bid for the satellite and defense group to $6.7 billion from $5.9 billion in stock.
Cleveland-based TRW has twice turned down Northrop's overtures and its board said it will review Northrop's latest bid. TRW's board said it will "make its recommendation to TRW shareholders in due course." Meanwhile, it also recommends that its shareholders take no action at this time.
Northrup Grumman, the Los Angeles-based defense concern, made its first approach to TRW for $47 per share. It was summarily turned down with TRW …