Union Pacific Extends Offer To Buy Pennzoil

Union Pacific Resources Group Inc. said Wednesday it extended until Oct. 29 the deadline on its offer to buy Pennzoil Co. shares in a hostile $4.2 billion takeover bid.

Union Pacific had offered $84 in cash per share for 50.1 percent of Pennzoil’s outstanding shares and UPR stock for the rest. As of July 21, the initial expiration date for the offer, 61.5 percent of Pennzoil’s outstanding shares had been tendered to UPR.

The deadline first was extended to Sept. 24. However, as of the close of business Tuesday, about 21.5 million shares of Pennzoil, little more than 45 percent of the outstanding shares, remained tendered.