GM Board Mulls 2 Bids for Hughes

General Motors Corp.’s board this weekend considered two bids for the defense operations of its Hughes Electronics unit but made no announcement of its preference, according to people familiar with the situation. GM, headquartered in Detroit, is choosing between bids from Lexington, Mass.-based Raytheon Co. and Los Angeles-based Northrop Grumman Corp., and is expected to pick a winner in the next few days. Both bids include cash and stock, said people familiar with the offers. The bids are said to be worth close to $10 billion. GM Chairman and Chief Executive John F. Smith Jr. would not say when a winning bidder will be announced. Smith, who spoke before addressing an automotive industry conference in Detroit, would only say that GM is “trying to get top dollar” for Hughes. Hughes Chairman and Chief Executive C. Michael Armstrong is scheduled to hold a news conference Wednesday.