Word: marathoning
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...frenzied series of weekend meetings, these hired guns huddled with Marathon's board of directors. Wasserstein and Perella told them that Mobil's offer of $85 a share was "grossly inadequate." Flom advised the directors that the offer raised serious antitrust questions. As a result, Marathon sued Mobil in Cleveland's federal district court and obtained a temporary restraining order to stall the takeover bid. Cheney and his staff arranged a satellite broadcast to television stations across the U.S. of Marathon's response to the Mobil offer...
...meantime, Marathon directors quickly began considering their options for the next step. Many companies at this stage start looking for a so-called white knight, a firm willing to offer a higher price or more attractive merger conditions. Marathon's choices for such a savior are limited to a few giant corporations, mostly other oil companies, that have the financial resources to outbid Mobil. So far, however, no public candidates have come forward...
...federal judge ordered both Marathon and Mobil not to discuss their next moves publicly until Tuesday of this week. But documents filed last week with the Securities and Exchange Commission reveal that the Marathon board of directors has already authorized the firm's officers to use an assortment of defensive tactics. In merger circles these have been nicknamed "the grab bag." Marathon's options...
...back its own shares. This strategy would be used to keep them out of Mobil's hands. As early as last summer, when Marathon was first touted on Wall Street as a prime takeover candidate, the firm arranged a $5 billion line of bank credit that could be used for this type of protection...
Issue new stock. The buyers would be friendly investors who would be unlikely to sell it to Mobil. Marathon officials have the authority to boost the company's outstanding common stock from 59 million to 150 million shares...