Recognition of Preliminary Agreements in Negotiated Corporate Acquisitions: An Empirical Analysis of the Disagreement Process, The
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Authors
Buechler, Gerald B. Jr.
Issue Date
1989
Volume
22
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|One can hardly imagine a more dramatic example of the significance of preliminary corporate acquisition agreements than that found in the case of Texaco, Inc. v. Pennzoil, Co., in which the jury rendered a $10.53 billion damage award against Texaco, Inc. ("Texaco"). That case arose out of what was held to constitute Texaco's intentional interference with a preliminary agreement between Pennzoil, Co. ("Pennzoil") and Getty Oil Company ("Getty") under which Pennzoil proposed to acquire Getty. In order to reach that result, it was necessary for the court to find that an enforceable agreement in that regard existed between Pennzoil and Getty despite the fact that, among other things, the ultimate agreement involved had neither been formally approved by the Getty board of directors nor executed by Getty...
Description
Citation
22 Creighton L. Rev. 573 (1988-1989)
Publisher
Creighton University School of Law