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LOCKHEED REJECTS SIMMONS OFFER

Lockheed Corp. on Monday rejected a $1.6 billion takeover offer from its largest shareholder, Harold Simmons, saying it involved too much debt, particularly in the current tight credit market.

"The major disruptions associated with pursuing this highly leveraged transaction, without a high probability of success, would be detrimental to all Lockheed shareholders," Lockheed Chairman Dan Tellep said in a letter to Simmons.

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