Advertisement

BRIEFLY

November 09, 1987

A federal court lifted its 5-week-old ban and allowed oilman T. Boone Pickens Jr. to resume his $2.16-billion offer to take over Newmont Mining. By a 2-to-1 vote, the 9th Circuit Court of Appeals ruled that Pickens' Ivanhoe Acquisition Corp. had complied with federal disclosure laws in the hostile takeover bid, even though the source of $200 to $300 million in planned financing was not revealed. Pickens' offer was to have expired Oct. 5, but because of the court-imposed stay, it has been extended until Nov. 12. The offer still faces an obstacle in Delaware state courts, however. Newmont, a New York-based mining and energy company is incorporated in Delaware and owns gold mines in Nevada.

Advertisement
Los Angeles Times Articles
|
|
|