Midcon moved to block a hostile takeover bid.
- Share via
The Lombard, Ill., gas pipeline firm offered to buy back up to 10 million shares of its own common stock. The move offers shareholders a $75-a-share cash and securities stock swap. It is aimed at blocking a $2.7-billion takeover bid by a partnership of the Wagner & Brown oil and gas company and Freeport-McMoRan, an energy and minerals concern.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
