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To: Alan Norton who wrote (156)1/9/1997 9:23:00 AM
From: d[-_-]b   of 222
 
Well it's here, a real bid for Hughes:

Raytheon( Raytheon Co )bids $9 bln for Hughes defense- WSJ

NEW YORK, Jan 9 (Reuter) - Raytheon Co bid $9 billion for the defense end of General Motors Corp Hughes Electronics
Corp ( GM Hughes Electronics Corp ), The Wall Street Journal reported Thursday, citing people familiar with the situation.

General Motors also received a slightly higher bid from Northrop Grumman Corp , though the story said the exact amount of
that bid was not known.

The story says Raytheon was told it was outbid by Northrop by $200 million to $500 million.

The story said both offers are expected to rise shortly.

Bidding remains open for the Hughes assets and both companies in the running are concerned about overextending themselves
if the contest goes too high, the story said.

Both companies could have their debt ratings lowered because they would assume between $3 billion and $5 billion in debt as
part of the deal to acquire the Hughes missile and defense-electronics holdings, one of the few jewels remaining in the era of
post-Cold War defense consolidation, the story said.

Raytheon and Northrop would have to put up about $5 billion of their own stock to buy the Hughes unit, the story said.

Raytheon said Monday it plans to buy the defense operations of Texas Instruments Inc for $2.95 billion in cash.
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