Unocal Extends Offer for Pure Resources
Unocal Corporation said that, in light of additional disclosure made by Pure Resources, Inc., it was extending, effective immediately, the offer by its Union Oil Company of California subsidiary to exchange 0.74 shares of Unocal common stock for each share of common stock of Pure not currently owned by Unocal. The offer has been extended until 12:00 midnight, New York City time, on Tuesday, October 29, 2002.
The offer remains subject to the conditions included in the offer as amended through Oct. 18, 2002, including the condition that a sufficient number of Pure shares are tendered to result in Union Oil owning at least 90 percent of Pure's outstanding common stock.
Unocal said that 5,554,231 Pure shares had been tendered and not withdrawn as of the close of business on Oct. 22, 2002. When combined with the Pure shares already owned by Union Oil, this represents approximately 76 percent of Pure's outstanding common stock.