Boeing Co. (BA:NYSE) on Feb. 26 announced that it has decided not to pursue further challenges to an estimated $80 billion U.S. Air Force bomber contract awarded to Northrop Grumman Corp last year.
Last week, the U.S. Government Accountability Office rejected a formal protest filed by Boeing and Lockheed Martin Corp.
Shares of Boeing closed up 1.15% on Friday.
In a short statement, Boeing said “while we remain firmly convinced of the validity of the issues raised in our protest to the Government Accountability Office of the Long Range Strike-Bomber contract award to Northrop Grumman, the Boeing – Lockheed Martin team has decided not to pursue further challenges to that award, either through the GAO or in federal court. This decision was taken, as always, with the best interests of our customer and the warfighter in mind.”