Word: waidelich
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...Waidelich knew the deal was in trouble but remained optimistic that Gulf and the FTC could reach a settlement. Minutes before Gulf's stunning announcement on Aug. 6, Waidelich anxiously telephoned Gulf Chairman James Lee. "Can't you tell me what is going on?" Waidelich asked. After some hesitation, Lee admitted that Gulf was canceling the merger. "Jim, that's terrible," Waidelich gasped. "I know. I feel terrible too," replied...
Cities Service felt terrible enough to file a $3 billion lawsuit charging that Gulf was guilty of "intentional and malicious breaches of contract that are of a dimension unprecedented in the annals of American business history." Waidelich contends that Gulf used its dispute with the FTC as an excuse to back out of a deal that it no longer considered financially attractive. John Carley, the FTC'S general counsel, seemed to support that charge: "We were ready, willing and able to negotiate on any aspect of the proposed merger." But Gulf obviously was not. Said Chairman...
...Gulf offer created confusion aplenty. Said he: "We are just scratching our heads and trying to see what options we have." Three weeks ago, Pickens offered a package of $3.8 billion in Mesa stock, promissory notes and other credits to acquire 100% of Cities Service. Meanwhile, however, Charles J. Waidelich, the company's chairman, had been trying to outflank Pickens with an offer to pay $17 per share for a 51% majority interest in Mesa. By last week, Cities Service had received tender offers of 41% of Mesa's stock. In an effort to scoop up the rest...
...Wall Streeters, the sparring between Pickens and Cities Service, headed by Chairman Charles J. Waidelich, provided a refreshing diversion from a miserable week. With the economy stubbornly refusing to show any convincing signs of improvement, Wall Street's five-week slide managed little more than a modest uptick with the 30 stocks of the Dow Jones industrial average ending the week...
...that price, Pickens decided that it was time to go for outright majority control, and two weeks ago he made his move. In a telephone call from his Texas headquarters to Waidelich in Tulsa, Pickens proposed, as a "friendly offer," that Mesa pay $50 a share, or $1.8 billion, for 46% of Cities Service stock, plus $1.9 billion more in promissory notes and Mesa stock for the remaining 49% of Cities Service shares. The startled Waidelich, faced with the prospect of seeing his company disappear into a firm a fraction of its size, fought back the next day with...