BUSINESS
March 2, 1989 | From Associated Press
Texas Eastern Corp.'s oil and gas production and exploration units will be sold for about $1.4 billion to a British concern to help finance a friendly takeover by Panhandle Eastern Corp., Panhandle announced Wednesday. The agreement with Enterprise Oil PLC was reached just days after the two Houston natural gas companies signed a $3.2-billion merger agreement.
BUSINESS
January 30, 1989 | Associated Press
Texas Eastern Corp.'s board of directors unanimously rejected Sunday a $2.6-billion cash offer from Coastal Corp., calling it "clearly inadequate." Coastal announced Jan. 16 that it was making a cash tender offer of $42 a share for all of Texas Eastern's outstanding common shares. Since then, Texas Eastern's stock has soared, closing Friday at $48 a share. The tender offer is set to expire on Feb. 14.
BUSINESS
January 17, 1989 | Associated Press
Coastal Corp. said Monday that it planned to launch a $2.6-billion tender offer for Texas Eastern Corp. in a deal that would make Coastal the nation's largest natural gas company. The $42-per-share offer was about 40% more than Texas Eastern's closing stock price on Friday. The announcement sent Texas Eastern stock soaring by $14.75 a share to $45 in trading on the New York Stock Exchange, which analysts said indicated the bidding may go higher.
BUSINESS
July 15, 1986
The Houston-based oil and gas firm said the change, which reduced its retained earnings at the end of 1985 by $139 million but increased its first-quarter results, resulted from a change in its accounting method. Texas Eastern also said it might have to cut its 55-cents-per-share quarterly dividend because of the collapse in oil prices. Earnings for the first quarter of 1986 were restated to $37 million from the $6 million reported earlier.