Exhibit 99(a)(5)(i)
[Litton]
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[Corporate] Litton Industries, Inc.
21240 Burbank Boulevard
Woodland Hills, CA 91367
Tel 818 598-5000
Fax 818 598-5450
NYSE Symbol: LIT
NEWS RELEASE
Investor Contact:
J. Spencer Davis
(818) 598-5495
FOR IMMEDIATE RELEASE
Media Contact:
Randy Belote
(703) 413-1521
LITTON CONTEMPLATES AMENDMENT TO POST-TENDER MERGER TERMS
WOODLAND HILLS, CALIFORNIA, January 16, 2001 ... Litton Industries, Inc.
(NYSE: LIT) announced that it is in negotiations with Northrop Grumman
Corporation (NYSE: NOC) that contemplate an amendment to the terms of the merger
to be effected following completion of Northrop Grumman's cash tender offer for
all of Litton's shares of common stock at a purchase price of $80 per share. The
amendment under discussion would enable Litton's common stockholders to receive
securities of Northrop Grumman or an affiliate in the follow-up merger on a
tax-deferred basis and possibly subject to proration. The amendment would not
change the financial terms of Northrop Grumman's pending offer for all shares of
common stock and would thus not require Litton's stockholders desiring to sell
their shares for cash in the offer to accept securities. There is no assurance
that any such agreement would be reached.
Litton is the largest builder of non-nuclear ships for the U.S. Navy and
designs, builds and overhauls surface ships for government and commercial
customers worldwide. The company is a prime contractor to the U.S. government
for information technology and provides specialized IT services to commercial
customers and government customers in local/foreign jurisdictions. Litton is a
leading provider of defense and commercial electronics technology, components
and materials for customers worldwide. Headquartered in Woodland Hills,
California, Litton reported annual revenue of $5.6 billion and more than 40,000
employees for the year ended 7/31/00. For more information, visit Litton's Web
site at www.litton.com.
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