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Technology Stocks : Zapata (ZAP)

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To: henry jakala who wrote ()	2/17/1997 8:31:00 PM
From: Intrepid Fox	of 1206

HOUSTON (Reuter) - Zapata Corp. said Monday it received a takeover offer worth about $162 million from investor Michael Heisley Sr. In the letter, Heisley proposed that he or a company he controls would acquire at least 50.1 percent and as many as all of the outstanding shares of Zapata for $5.50 per share. Based on Zapata's 29.5 million outstanding shares, that would value the offer at about $162 million. Zapata, a Houston-based oil, gas and fish meal producer, said Heisley's letter stated that he was an investor and an operator of companies through the Heico Cos. Zapata said its board is reviewing the proposal and has directed the company's representatives to seek additional information regarding Heisley and his proposal.

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