Associated Oil and Tide Water Oil locked east and west coast oil production, transportation, refining and marketing into a tight $240,000,000 merger last week. The new company will be named the Tide Water Associated Oil Co.
Three weeks ago Blair & Co., Inc., and Chase Securities Corp. anticipated this merger by buying 300,000 shares (55%) of Associated Oil. They offered sellers $145,000,000 in cash or $165,000,000 in exchange securities (TIME, Feb. 15). Now to Tide Water shareholders they offer one and one-third shares of the new common for one share of...
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