Word: conoco
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Dates: during 1980-1989
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...Pont springs a surprise $7 billion offer for resource-rich Conoco...
...fend off any further takeover efforts, Conoco searched frantically for a merger partner. On rumor alone, the stock prices of Diamond Shamrock, Newmont Mining and Cities Service all leaped as investors speculated that Conoco was preparing to institute merger proceedings with them...
...fact, quiet talks were actually going on only with Tulsa-based Cities Service, whose president, Charles Waidelich, had rushed from Oklahoma to a hotel suite at New York's Waldorf-Astoria for private meetings with Conoco's Bailey. Cities Service was seeking a merger for a reason surprisingly similar to Conoco's: to avert an attempted takeover of its Canadian oil and gas properties by another Canadian company, Nu-West Group Ltd., an Alberta real estate and energy exploration firm. Though less than half Conoco's size, Cities Service holds exploration rights to 10 million acres...
Seagram Chairman Edgar Bronfman, 52, has been shopping for an acquisition in the U.S. since late last year, after having received $2.3 billion from the sale of a Seagram subsidiary, the Texas Pacific Oil Co., to Sun Co. of Pennsylvania. Earlier this month, Bronfman proposed a "friendly" bid to Conoco's chairman, Ralph Bailey, 57. Bronfman offered to pay $70 per share for 28.6 million Conoco shares, about one-third of the outstanding stock, though the company's shares were trading at only about $53. At the time, Seagram also promised that it would not seek full management...
After weighing the offer for a mere two days, Conoco's directors rejected it. One reason: though generous in terms of the stock's market value on Wall Street, the offer amounted to only about half of the company's actual net worth. Among other assets, Conoco owns the U.S.'s No. 2 coal producer, Consolidation Coal Co. of Pittsburgh, Pa., and is a major North Sea oil producer...