Word: mobilizing
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Dates: during 1980-1989
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...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...
...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...
While considering these moves, Marathon will continue to press its case in the courts and before the Federal Trade Commission. Either of them might thwart the Mobil takeover on antitrust grounds...
Washington legal experts, though, consider that outcome unlikely. They point out that a Mobil-Marathon combination would still control barely 10% of U.S. gasoline sales in a highly competitive market...