Mesa Lowers Defense Against Takeover

Directors of Mesa Inc. on Thursday made it easier to avoid its takeover defense and reaffirmed their commitment to consider a sale or merger of the independent natural gas company that has a $1.2 billion debt burden.

Lehman Brothers, the company’s independent financial adviser, told the special board meeting it expects to make arrangements by mid-September to provide information to companies interested in purchasing Mesa.

Directors, meantime, voted to make it somewhat easier for a suitor to avoid a “poison-pill” antitakeover defense.

In Mesa’s case, if an unauthorized group acquires 10 percent or more of Mesa stock, other shareholders can then buy $100 worth of shares for $50.

In the past, a suitor could avoid triggering the defense by making an offer for 75 percent or more of Mesa’s stock. The directors reduced that threshold Thursday to 51 percent.