Word: citgo
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...past two months, rumors have been flying that Southland Corp. was ripe for takeover. A roster of raiders were said to be eyeing the company that operates the ubiquitous 7-Eleven chain of 7,700 convenience stores and owns 50% of Citgo Petroleum. Last week the family that holds a 10% interest in Southland made a deft maneuver. John, Jere and Jodie Thompson, whose father Joe founded the firm in 1927, offered to buy the rest of the company for $3.8 billion, or $77 a share, and take it private. Just seven weeks ago, Southland stock traded...
...reselling its stock to Occidental, Mesa made a painless $12.5 million for simply hiring an army of bankers and lawyers to scare Citgo, and Pickens was excited about the possibilities. Two more unsuccessful but lucrative takeover bids by Mesa followed, and in August of 1983, having received his baptism in fire, was ready for the big time...
Originally, Pickens embroiled himself in a tug-of-war with the late Citgo in the summer of 1982. In trying to take over Citgo, Pickens found Citgo returning the assault with its own takeover bid for Mesa...
Ironically, that time it was Gulf that stepped in as Pickens's savior when it looked like Mesa might just lose. Gulf offered to buy Citgo, freeing Mesa, then declined to do so. Citgo eventually went to Occidental Petroleum...
...fans to near by Fenway Park, students to Boston University, and, on every Patriot's Day in April, weary runners to the last half-mile of the city's famed marathon. With its red, white and blue neon pulsating gaudily above the rooftops, the sign advertising Citgo, the Cities Service Company's trademark, somehow seemed right for Boston; for all its tackiness, the great ad in the sky fitted in. But now a threat looms over the garish and beloved landmark: Cities Service wants to tear it down...