TRW has advised its shareholders to take no action in the face of Northrup Grumman’s revised offer for the company. TRW’s board of directors said it will review Northrop’s revised $53 U.S. per share exchange offer and will make its recommendation to TRW shareholders at an uspecified time. The increase in share price offering and the subsequent reaction by TRW’s board is just the latest chapter in a takeover move initiated in February. At that time Northrop Grumman Corporation had proposed a stock swap to take over TRW, which would have the equivalent value of $47 U.S. per share in stock. At the time TRW’s board said that it was regrettable that Northrup Grumman aerospace had chosen to make the proposal “immediately following the unexpected departure of its former chief executive officer, David Cote, and the aberrationally low stock price that resulted.” The offer was later rebuffed by shareholders, spurring the latest offering.