CLEVELAND, July 26 (Reuters) - Defense and auto parts marker TRW Inc. said Friday it will redeem on Aug. 30 all outstanding shares of its Series 1 and 3 preferred stock not converted to common stock by then.
The Cleveland-based company, which has agreed to be bought by defense firm Northrop Grumman Corp. , will pay $104 apiece for Series 1 shares and $100 apiece for Series 3 shares.
Series 1 holders also can convert each share into 8.8 shares of TRW's common stock and Series 3 shareholders can convert each share into 7.448 shares of TRW's common stock.
The conversion right expires at the close of business on Aug. 30. Shares that are not converted will be redeemed by TRW.
As of July 24, there were approximately 77,800 shares of Series 1 and Series 3 Preferred stock outstanding, the company said.