Word: mobilization
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Marathon fends off Mobil...
When the long-awaited assault came, Marathon Oil was well prepared to man the battlements. Within hours after the Mobil Corp. announced its $5.1 billion bid to buy the 17th largest U.S. petroleum company, members of Marathon's big-time defense team were flying to its small-town headquarters in Findlay, Ohio (pop. 38,000). Marathon was putting into action the now classic defense in a takeover battle...
...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...
...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...