NEW YORK — USX Corp. Chairman David Roderick and the company's suitor, investor Carl C. Icahn, are expected to reach an accord by next week that would call for a standstill on further stock purchases by Icahn, Wall Street sources said Friday.
However, the agreement would allow Icahn, who is proposing to buy USX for $8 billion, to review the financial records of the nation's largest steel company. Icahn owns 11.4% of USX stock.
The unidentified sources said USX sought a standstill agreement and other measures from Icahn before company officials would allow him to do "due diligence" on his $31-per-share takeover proposal. Due diligence is the term used to describe a detailed review of financial records not typically made available by the company.
Last month, Icahn proposed a takeover of USX and threatened to make a tender offer unless the company accepted his proposal or restructured itself to provide greater value to shareholders than $31 per share.