The eruption last week of a high-stakes bidding war for control of Grumman, - the military-aircraft manufacturer, looked like a good deal for nearly everyone involved. Two defense giants, Martin Marietta and Northrop, said they were willing to pay some $2 billion to buy the company, based on Long Island, New York. Whichever bidder prevails, a merger would preserve Grumman's expertise in developing electronics to update aging aircraft. It should also preserve defense jobs at the venerable fighter-plane manufacturer, whose tradition dates back to the days of the World War II F6F Hellcat.
However, while industry analysts cheered last Monday when...
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