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GENERAL DYNAMICS AND NORTHROP DELAY THEIR BIDS

The General Dynamics Corporation and its rival military contractor, the Northrop Grumman Corporation, said yesterday that they had agreed to delay closing their competing bids for Newport News Shipbuilding to allow regulators more time to review the offers. The companies said they had signed an agreement with the Departments of Justice and Defense agreeing not to seek a final decision on their offers before Aug. 20. The agreement means the winning bidder will not be able to close the transaction until Sept. 4 at the earliest, General Dynamics said.

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