AEROSPACE

Grumman Corp. Shareholders Sue Over Offer: Stockholders allege that the company failed to seek the highest takeover bid by accepting a $55-per-share offer from Martin Marietta Corp. just before a competing bid was launched by Northrop Corp. The class-action suit filed in Manhattan federal court accuses Grumman and its board of misleading shareholders to believe the offer was in their best interest. The suit alleges that defense contractor Grumman, based in Bethpage, N.Y., broke securities laws by using false information to induce shareholders to tender their shares to Martin. On March 7, Grumman announced it had signed a merger agreement in which Bethesda, Md.-based Martin would buy the company for about $1.87 billion. Several days later, Northrop followed with an unsolicited bid of $60 a share.