Word: bronfmans
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...merger announcement merely unleashed a new flurry of financial maneuvering. Within four days, Texaco quietly arranged $5.5 billion in credit from a group of banks led by Chase Manhattan. Pundits speculated that Texaco was gearing up to boost its bid for Conoco or pursue another oil company. Meanwhile Edgar Bronfman, Seagram's tenacious chairman, was mulling his own countermove. He called his board of directors into a special session. The verdict: up the ante. The new offer: $85 per share for 51% of Conoco stock...
...return for the Conoco stock that Dome had acquired. At the same time, however, a more ominous Canadian challenger appeared. In late May, Seagram privately approached Conoco with an offer to buy 35% of the oil firm's shares. Edgar Bronfman, Seagram's adroit chairman, is currently on the hunt for new acquisitions with nearly $3 billion, gained largely from the sale of Texas oil and gas properties...
...what about Edgar Bronfman...
...Conoco disappointment was the second time this year Seagram had been left at the altar with its $3 billion dowry. Its earlier bid for St. Joe Minerals had been quickly topped by Fluor. Will Bronfman pursue yet another U.S. company? Stay tuned. -By Charles Alexander. Reported by David Beckwith/Washington and Frederick Ungeheuer/New York
Seagram Chairman Edgar Bronfman, 52, has been shopping for an acquisition in the U.S. since late last year, after having received $2.3 billion from the sale of a Seagram subsidiary, the Texas Pacific Oil Co., to Sun Co. of Pennsylvania. Earlier this month, Bronfman proposed a "friendly" bid to Conoco's chairman, Ralph Bailey, 57. Bronfman offered to pay $70 per share for 28.6 million Conoco shares, about one-third of the outstanding stock, though the company's shares were trading at only about $53. At the time, Seagram also promised that it would not seek full management...