Word: texaco
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...lose their jobs, the top men too often capitulate and offer to buy back the greenmailer's stock at a premium price in exchange for a promise that the raider will not go after them again, at least in the near future. In cases just this year, Texaco bought back 9.8% of its shares for $1.28 billion from the Bass family, Warner Communications paid Rupert Murdoch $180.6 million for his 7% interest in the firm, St. Regis purchased for $160 million the 8.6% of its firm held by Sir James Goldsmith, and Quaker State Oil Refining gave Steinberg...
Such bonanzas are making 1984 the best year ever for dealmaking. In addition to Socal and Gulf, mergermen have put Texaco and Getty Oil together in a $10.1 billion corporate marriage and arranged a $5.7 billion combine of Mobil and Superior Oil. During the first three months of 1984, company mergers valued at a total of $34 billion took place. Should they continue at this rate, the old annual record of $82.6 billion set in 1981 will easily be broken...
...hold the line." When Pennzoil offered $112.50 a share for Getty Oil last January, Boisi was convinced the bid was too low. So beginning at 7:30 one morning, he phoned six U.S. oil companies and the government of Saudi Arabia to find another buyer. Within 48 hours, Texaco responded with a higher offer. When Pennzoil, advised by Lazard Frères, was slow to close the deal, Texaco moved in. The final price for Getty: $10.1 billion, or $128 a share...
...merger price, and are paid regardless of whether a company's takeover battle plan is successful, or even how much work the banker does. Gulf will pay Merrill Lynch and Salomon Brothers $46 million in fees when it is bought by Socal. In the Getty-Texaco merger, Goldman Sachs, representing Getty, did most of the work and First Boston "just carried Texaco's baggage," according to one participant. Still, First Boston will receive $10 million from Texaco...
...coaxial morass again with its biggest cable venture ever. The company paid $202 million for the U.S.'s most popular cable service, the Entertainment and Sports Programming Network, a 24-hour channel with 30 million subscribers. ABC already owned 15% of ESPN, and will buy the remainder from Texaco, which is conducting a garage sale of unwanted properties obtained when it bought Getty...