Word: socal
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Dates: during 1980-1989
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...petroleum company and one of the ten biggest corporations. After seven hours the winner was announced: Standard Oil of California, best known for its Chevron gas stations, whose cash bid of $80 a share, or $13.2 billion, became the most ever paid for one American corporation by another. Said Socal Chairman George Keller, 60, after it was over: "It's more than I would have liked to have spent, but I was in a poker game and couldn't see the other players...
...Arco and Socal, including such non-oil giants as General Electric and Allied. (Another rumored bidder: the government of Kuwait.) The firms were shown the confidential data only after pledging not to make an unfriendly takeover bid for at least three years. According to some Pittsburgh insiders, Gulfs board could meet at any time to discuss possible bids. The asking price could be as high as $80 a share, or $13.2 billion. The firm considered most likely to make that offer was Arco, on whose behalf Chase Manhattan bank was assembling a $12 billion line of credit from as many...
...Gulf acquisition by another major oil company would present some antitrust problems, but legal experts do not believe that the Reagan Administration would object. If either Arco or Socal buys Gulf, however, the Government might insist on the sale of some refineries and gas stations to preserve competition...
There may still be some fierce boardroom battles ahead, however. Some of the brides are a little reluctant. Last week directors of St. Joe Minerals-rejected Seagram's $45 a share bid, calling it "grossly inadequate." Amax has also been cool to Socal's takeover offer, apparently in an effort to drive up the initial offer of as high as $86 a share...
...URANIUM CORPORATIONS COMPANY VALUE Atlantic Ritchfield-ARCO-Anacona $17,465,122 Duke Power 3,323,592 Continental Oil 6,538,679 Kerr McGee 1,645,230 Phillips Petroleum 8,996,703 Exxon 35,442,488 Gulf Oil 7,126,660 Mobil 18,360,622 Shell Oil 1,234,631 SOCAL 20,912,364 Virginia Electric...