Newspaper article THE JOURNAL RECORD

Getty Makes $553.5 Million Cash Offer for Clark Oil

Newspaper article THE JOURNAL RECORD

Getty Makes $553.5 Million Cash Offer for Clark Oil

Article excerpt

NEW YORK - An offer has been made by Getty Petroleum Corp. to buy Clark Oil and Refining Corp. and some other assets of the Apex Oil Co. for $553.5 million in cash.

The bid by Getty Petroleum, a large gasoline marketer based in Jericho, N.Y., is $50 million more than an offer submitted last month by the Horsham Corp. Getty Petroleum said the offer was identical to Horsham's, which involved an agreement to buy secured debt at a discount, but added $50 million in cash.

Horsham, a Toronto-based investment concern, had valued its offer at $650 million, but Getty maintained that Horsham was counting the secured debt at $545 million rather than the $396 million it would have to pay for it, thus making its offer actually worth $503.5 million.

Last week, Horsham said it was prepared to mount a battle for the company if competing bids were submitted. Horsham's offices were closed Monday, and officials could not be reached for comment on the Getty offer. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.