"Phelps Dodge
(PD)
extended its exchange offer for all outstanding shares of Asarco
(AR)
to Oct. 13 from the previous Oct. 5 [1999, A year After that epa published online in 1998 that el paso tx had highest beta radiation levels in u.s.a. ] deadline. Phelps Dodge said as of today about 1.7 million Asarco shares had been tendered.
Asarco is currently a takeover target for both Phelps Dodge and grupo Mexico
, which already owns a 10% stake. The value of Phelps Dodge's cash and stock offer is $972 million, based on Asarco's closing stock price today, while Grupo Mexico's offer is valued at about $1.03 billion. Asarco's board voted last night to recommend that shareholders not tender their shares into either offer, saying the process to obtain the best bid was not complete. Asarco had set a 6 p.m. EDT Tuesday deadline for final bids,
Reuters
reported, citing sources close to the situation.
A former Bank of New York
(BK)
executive, Lucy Edwards, her husband Peter Berlin and the company
Benex International
, were indicted in a Russian money-laundering probe involving accounts at the Bank of New York. The charges relate to about $7 billion which was transmitted through accounts on behalf of Benex and another defendant,
Becs International
, and are the first to emerge from the U.S. government's probe"
https://www.thestreet.com/markets/phelps-dodge-extends-exchange-offer-for-asarco-after-hours-trading-update-791192
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