Beard Plans to Resume Talks with Union Pacific / after Uspci Offering

By Driskill, Matt | THE JOURNAL RECORD, December 24, 1987 | Go to article overview

Beard Plans to Resume Talks with Union Pacific / after Uspci Offering


Driskill, Matt, THE JOURNAL RECORD


The Beard Co. of Oklahoma City intends to resume negotiations with New York's Union Pacific Corp. as soon as Union Pacific's $28 per-share tender offer for USPCI Inc. is consummated, it was announced Wednesday.

Additionally, Union Pacific announced from New York that it has filed an amendment to its original tender offer reflecting the increased price per share and extended its tender offer to Jan. 7.

It is impossible, said Herb Mee Jr., Beard president, at this time to determine how much Beard shareholders would get if and when an agreement is reached with Union Pacific.

"There can be no assurance that any transaction will be authorized or consummated. . .," Mee said.

But in a news release issued Wednesday, Beard officials said their negotiations would be aimed at getting Beard stockholders cash and a security representing Beard's assets other than its holdings in USPCI, which is based in Oklahoma City.

The amount of cash would depend on a number of factors, but "would be intended to reflect the $28 per share Union Pacific has offered for USPCI."

The Beard Co. is a diversified natural resource development company headquartered in Oklahoma City. The company's principal business is oil and gas exploration, conducted through its wholly-owned subsidiary, Beard Oil Co.

Beard and Beard Oil own about 28.1 percent of the outstanding shares of USPCI Inc., a hazardous waste management company also based in Oklahoma City.

In its bid to take over USPCI, Union Pacific increased its holdings in Beard to 16.6 percent of the outstanding shares.

Asked when negotiations between Beard and Union Pacific would begin, Mee indicated it would be after the holidays and after Union Pacific amended its offer for USPCI.

"It's my understanding they will be filing an amendment to their tender offer today (Wednesday) or tomorrow," Mee said, "and once they file that they have to extend the offer 10 more business days."

None of the companies involved have divulged details of the reorganized companies once the anticipated mergers are completed, citing their concerns about violating federal and state securities laws.

"There are about 112 reasons why we can't talk about it (the mergers) until the tender offer is complete," Mee added. "That release had the attention of five lawyers in New York and Oklahoma City and that's the way it's going to be."

As reported, Union Pacific and USPCI Inc. entered into a definitive merger agreement on Dec. 18, providing for, among other things, the amended offer of $28 per share.

The offer and withdrawal rights will expire at midnight on Jan. 7, 1988.

The amended offer is conditioned upon, among other things, a sufficient number of shares being tendered to result in Union Pacific's owning a majority of the outstanding USPCI shares on a fully diluted basis. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Beard Plans to Resume Talks with Union Pacific / after Uspci Offering
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.