Panasonic's board was expected to officially extend a tender offer on Friday, when a press conference is scheduled, and the purchase may be completed by February.

FORBES: Market Scan

The Trustees, who were also highranking officials of Grumman, determined not to tender any of these shares and on October 12 and 13 used Plan funds to purchase 1, 158, 000 additional shares of Grumman stock at the prevailing market price in an effort to defeat the tender offer.

FORBES: John Bierwirth's Grumman Takeover Defense Led To Pension Litigation