Sabine rejects Presidio offer as inadequate. (Presidio Oil Co.)

PR Newswire | March 18, 1988 | Copyright

SABINE REJECTS PRESIDIO OFFER AS INADEQUATE

DALLAS, March 18 /PRNewswire/ -- Sabine Corporation (NYSE: SAB) announced today that its board of directors has unanimously determined that the unsolicited tender offer for up to 12,800,000 shares at $20 per share commenced last week by a subsidiary of Presidio Oil Company is inadequate and not in the best interests of Sabine and its stockholders. Accordingly, the board unanimously recommends to Sabine stockholders that they do not tender their shares pursuant to the offer.

In determining that the Presidio offer ...

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