NEW YORK — Wagner & Brown and Freeport-McMoRan Inc. on Monday jointly launched a $2.6-billion attempt to acquire Midcon Corp., which recently concluded its own acquisition of an energy concern.
Besides the $62.50-a-share cash offer for Midcon's common stock outstanding, the partnership also wants to purchase all outstanding Midcon 10.25% subordinated convertible debentures due 2009 for $1,488.10 cash for each $1,000 face amount.
After the tender offer, Wagner & Brown and Freeport, united as WB Partners, proposed a merger in which the remaining Midcon stock would be exchanged for cash, an amount that they expect would also be $62.50 per share.
The proposed takeover would have an approximate value of $2.6 billion, WB Partners said in an announcement.
Studying Unsolicited Bid
Patricia Wees, a spokeswoman at Midcon's headquarters in Lombard, Ill., said the oil and natural gas pipeline company is studying the unsolicited bid.