Unocal Announces Acceptance of All Tendered Shares of $3.50 Convertible Preferred Stock
El Segundo, Calif., Sept. 6, 1996 -- Unocal Corporation today announced its acceptance of all shares of its $3.50 Convertible Preferred Stock that were validly tendered in the company's previously announced exchange offer.
The exchange offer expired as of 12:00 midnight, New York City time, on Sept. 5, 1996.
A preliminary count from Unocal's exchange agent, The Bank of New York, indicates that approximately 9.3 million shares (more than 90 percent of the outstanding shares) have been validly tendered in exchange for new, 6-1/4% Trust Convertible Preferred Securities to be issued by Unocal Capital Trust. The exchange is expected to be completed on Sept. 11, 1996.
Updated: September 1996