ARCO agrees to acquire Union Texas

ARCO has agreed to acquire Union Texas Petroleum (UTP) in a deal valued at $3.3 billion, including debt and Union Texas preferred stock. Under the definitive merger agreement, ARCO was to launch an all-cash tender offer for all outstanding shares of UTP common stock by May 8. Then, ARCO will acquire any shares not purchased in the tender offer for $29/share cash. As of Mar. 31, UTP had about 85.25 million shares outstanding. In connection with the deal, Kohlberg Kravis Roberts & Co. will tender to ARCO its holdings of 25.6% of the outstanding UTP common shares. The agreement has been approved by both companies' boards. ARCO building block ARCO Chairman an...

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