Unocal Successful in Exchange Offer for Pure Resources
Unocal Corporation said that the companies' exchange offer for shares of Pure Resources, Inc. has been successful.
Union Oil has accepted for exchange 16,634,625 Pure shares that the depositary reported as being tendered and not withdrawn as of the expiration of the offer at midnight, New York City time, last night.
The exchange offer results in Union Oil owning a total of 49,343,692 shares, representing approximately 97.5 percent of the outstanding Pure shares. Each share of Pure common stock that was tendered has been exchanged for 0.74 shares of Unocal common stock.
Unocal also said that it expects to complete the short-form merger of a wholly owned subsidiary of Union Oil into Pure later today following the close of trading on the New York Stock Exchange. In this merger, each Pure share other than those owned by Union Oil will be converted into the right to receive 0.74 shares of Unocal common stock, subject to the rights of Pure's remaining stockholders to seek appraisal under Delaware law.