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Unocal Corporation (UCL) Message Board

  • huikh2r huikh2r Jun 24, 2005 2:00 PM Flag

    UCL just sent a clear signal to CVX

    CVX have to raise the bid.

    CVX wants to close the deal in August, but UCL does not even want to set a shareholder voting date. No message is more clear than this. The BOD of UCL just did a right thing. They airn't dumb.

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    • Got it all figured out fella, huh.

      Do you think this may have anything to do with it.

      Unocal and its directors have been named as defendants in two purported class actions brought on behalf of public stockholders of Unocal and filed in the Superior Court for the State of California, County of Los Angeles. Each of the complaints alleges, among other things, that Unocal�s directors breached their fiduciary duties in connection with the proposed transaction with Chevron, and, in particular, that the consideration to be received by stockholders in the merger is unfair and inadequate and that Unocal�s directors did not undertake a legally adequate process to obtain the best transaction available. As relief the complaints seek, among other things, damages in an unspecified amount, an injunction against consummation of the transaction, and, in the event the transaction is consummated, rescission. The time for defendants to answer the complaints has not yet elapsed. Unocal believes the claims asserted in the complaint are without merit and that Unocal has substantial defenses to these claims.


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