Avondale Announces Board Determination.NEW ORLEANS--(BUSINESS WIRE)--May 11, 1999-- Avondale Industries, Inc. (NASDAQ/NMS:AVDL AVDL - Application Vulnerability Description Language) announced today that its Board of Directors has determined that the Litton Industries, Inc. proposal to acquire Avondale common stock for $38 in cash could lead to a proposal which is superior to the terms of its agreement to merge with Newport News Shipbuilding. Avondale's Board authorized its management to commence discussions with Litton regarding the proposal. Avondale Industries, Inc., headquartered in metro New Orleans, designs, builds and overhauls both military and commercial vessels. |
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