General Dynamics offer for $2.1 billion extended

FALLS CHURCH, Va. – General Dynamics on Monday extended its $2.1 billion tender offer for all outstanding shares of common stock of Newport News Shipbuilding Inc. to Aug. 31.

General Dynamics, based in Falls Church, said it made the extension because it still is waiting for government regulators to say whether they will approve the merger.

As of Aug. 17, the previous deadline, more than a majority of Newport News shares had been tendered. Newport News is based in Newport News, Va.

The proposed merger, announced in April, has drawn scrutiny from the Defense and Justice departments, which have expressed antitrust concerns.

The deal would make General Dynamics – owner of Bath Iron Works – the sole manufacturer of nuclear Navy aircraft carriers and submarines. Two years ago, the Pentagon scuttled a merger between the two companies.