Texas-Size: Pennzoil wins $10.5 billion

Pennzoil wins $10.5 billion

While the rest of America sat watching New Year's Day bowl games on TV on Jan. 1, 1984, Getty Oil Scion Gordon Getty and J. Hugh Liedtke, chairman of Pennzoil, shook hands on a $5.3 billion merger. In Getty's luxurious New York City apartment overlooking Fifth Avenue, Liedtke agreed to pay $110 a share for 43% of Getty Oil. Five days later, Getty's board of directors approved a deal--but not with Pennzoil. Between Jan. 1 and Jan. 6, Texaco Chairman John McKinley had made a bold $125-a-share bid for Getty, and Getty's board had grabbed the better offer. Total price tag:...

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