The Taking of Getty Oil by Steve Coll

Author:Steve Coll
Language: eng
Format: epub
ISBN: 9781504045049
Publisher: Open Road Media
Published: 2017-03-28T04:00:00+00:00

* In a partial tender offer, as Pennzoil’s 20 percent takeover bid was called, the number of shares any single stockholder could sell depended on the total number of shares submitted, or tendered, for sale to Pennzoil. If, after the twenty-one-day waiting period, all of Getty Oil’s shareholders offered to sell to Pennzoil, then the purchase would be “prorated”—that is, each stockholder would be allowed to sell 20 percent of his shares for $100. If less than 20 percent of Getty Oil’s shares were tendered for sale to Pennzoil, then all the shares tendered would be purchased by Pennzoil if it went ahead with the deal.

* Gordon later testified that he recalled Williams’ remark clearly because it “was a rhyme. Put me among a circle of poets for that. That’s the lowest circle in hell, by the way.”

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