Word: mergers
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...more than $27 after the deal was announced. Few observers, though, were totally convinced that Marathon's fate has been sealed. Mobil could raise its offer and touch off a bidding war, other oil companies might try to get Marathon, or the Government could rule out any merger on antitrust grounds. The Marathon drama may go on for several weeks...
...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...
...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...
...another company. Such a step would make the merger target bigger and thus tougher to take over. Just before the Mobil bid, Marathon announced a tentative deal to purchase the U.S. subsidiary of Husky Oil Ltd., Canada's 14th largest petroleum company...
...Kuwaiti proposal was announced, New York Democrat Benjamin Rosenthal, chairman of the House Subcommittee on Commerce, Consumer and Monetary Affairs, which has been holding hearings on the scope of OPEC investment in the U.S., asked the Treasury to halt the takeover pending an investigation of whether the merger is really in the national interest...