European Stars And Stripes (Newspaper) - May 30, 1988, Darmstadt, Hesse                                Page the stars and stripes monday May 30,1988 Texaco rejects takeover bid today s crossword new York up Carl Icahn s 112.39 billion takeover bid was rejected Friday by Texaco which labelled the proposal a non  Icahn has begun a proxy fight to have himself and four associates elected to Texaco s Board Icahn s offer appears to be merely another tactic to pressure the company to accede 1o Icahn s demands that the Board has Al ready concluded would not be inthe Best interest of shareholders the company said. Texaco said be Board rejected the offer because it has made sub Stantial Progress on its 55,6 Bil lion restructuring which the Board it confident will result in substantial enhancement of both near and Long term value for All  the statement charged that the illusory nature of Icahn s bid was demonstrated by the investor s failure to show How he would finance the bid which Texaco Eon tends would Cost a total of $20 Bil lion and by Icahn s demand that the company consider the offer within 49 hours. If this were a serious offer Icahn would not have placed a 48 hour limit on Board consideration of he transaction Texaco said. Icahn had offered to drop the proxy Battle if Texaco management permitted shareholders to Vole on his s60-a-share bid made wednes temperatures Day after Texaco Brake off talk with Icahn aimed at resolving differences aver the Oil company s re structuring plan. Lale thursday however Icahn said he had begun soliciting share Holder proxies for Cuco s annual meeting. An Icahn spokesman said the investor who is chairman of trans world airlines had agreed to postpone the annual meeting until june 17 in tuba okla., under prior agreement to provide ample Lime for the proxy Campaign. Trie two sides immediately stepped up their verbal Battle. Icahn accused Texaco of having sought an agreement fora third party to buy out his 14.8 percent holding in the company for 150 a share. Texaco would then have provided the unidentified buyer with a guarantee it could sell the shares for 147 Apie spokesman said. 14 apiece a european weather Utu atm Tram c Fly vat. F Al 73 pm fun 0u 64 Hwn. Tatt Munch r 61 is pm. Msj � rut t it thin. A u Irnan u 5p v 41.w4t.tia d St fit u us it u or Ibl u v v Icahn rejected the offer because it smacked of Green mail the spokesman added. Greta mail acne practice of offering to buy Back the shares held by a Large investor at a Price higher than is available to other shareholders. In an advertisement in major newspapers Texaco asked its shareholders to consider Icahn s shifting and conflicting positions on its reorganization plan control of its Board and its s3 billion settlement of its dispute with Pennzoil co. Over Getty Oil  advertisement asserted that Icahn s past statements have caused the securities and Exchange commission to charge him with numerous securities Laws Vio  Friday released lie text of a letter he sent to Texaco share Holder in which he listed numer Ous examples of mismanagement on he company s  letter charged that in 1984, Texaco s management paid aboutj30 � share to buy Back 26 million shares from the Bass family of Texas at a time when the company s shares were trading forj44.62j apiece. In our View this was clearly Green mail the letter said. Icahn also cited the Oil company agreements to pay is billion to the internal Revenue service against$6.5 billion in Tad la claims and 11.25 billion to the department of Energy to Settle disputes Over the company s pricing practices. Fin a way39 new Deal Talant needs me 4c roman official 4v fall 14 Angle or 41 kind of a Faun etching vein15 Cron Lra i Kazan 1 planer. Is Hamilton bund Burr partition. Incident18 satyr b3 roofer s like material deities &4tgvdsv men 20 walks like crab de z1 solution Lull 26 huh. A n a ccm4m.5u 71 4?a u ten Vonh. U Sopuj cd Jib e 17 97 now open