Seahawk, Founder Extend Offer for Houston Oil Firm
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Seahawk Oil International Inc. and its president and founder, Robert S. Friedenberg, said they have extended for a second time their tender offer to purchase 25% of the common stock of Oxoco Inc. of Houston for $220,000.
The Seahawk-Friedenberg partnership set Aug. 25 as the new deadline for Oxoco shareholders to accept the offer to buy nearly 2.2 million shares for 10 cents apiece. The previous deadline was Monday.
Under the tender offer, Friedenberg and Newport Beach-based Seahawk are not required to process any acceptances until at least 1 million shares are tendered.
Friedenberg founded Oxoco in 1969 but left 10 years later to start Seahawk. Oxoco has lost more than $100 million in the last 15 months.
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