Word: steeling
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Dates: during 1980-1989
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...initial $5.1 billion offer for Marathon in October was also immediately denounced as "grossly inadequate" by the company's president, Harold Hoopman. Said a leading investment banker: "If Mobil had bid $126 a share from day one, instead of $85 a share, they would have cut out U.S. Steel from the beginning...
...federal district court judge in Cleveland again upheld his own decision that the Mobil takeover would reduce competition among gasoline retailers in the Middle West and should not be permitted. Only a few days earlier, another federal court judge in Columbus denied Mobil's request to stop U.S. Steel's offer for Marathon...
...Steel, meanwhile, has executed some brilliant takeover strategy maneuvers. It has already acquired the right to buy Marathon's share of the Yates Field for $2.8 billion if the company is bought by Mobil or any other corporation. U.S. Steel also obtained an option from Marathon to buy an additional 10 million shares of its stock, which would make it harder for Mobil to gain controlling interest in the company. Mobil, of course, could try to block both moves in court...
Mobil's fumbling maneuvers apparently have convinced Marathon shareholders that the oil giant will never be able to buy the company, even though it is now offering $1 a share more than U.S. Steel. As a result, more than enough investors are willing to sell their shares to the steel company for the $125 it offered to give it controlling interest. Said a Wall Street banker involved in the negotiations: "Unless Mobil can pull a rabbit out of the hat, it will lose...
Marathon's executives and their advisers were confident last week that they could defeat Mobil's latest threat. If the oil company starts buying U.S. Steel stock, the price of it is likely to shoot upward, which would make the deal less attractive. And under a federal law that requires prior notice for the purchase of large blocks of stock, Mobil has to wait at least 30 days before it can begin to acquire any more shares of U.S. Steel. But although Mobil's latest shot seems likely to fail, no one is underestimating the oil company...