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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (7971)	11/26/1997 2:50:00 PM
From: Charles A. King	Respond to of 13091

LLE has sued SK for accepting Philip's offer without replying to LLE's hostile offers. SK says the suit is without merit. Here is part of what LLE says. Commenting on the revised offer and the litigation, Laidlaw Environmental Chairman, James R. Bullock, said, ''We were as surprised and disconcerted as we suspect other shareholders of Safety-Kleen were to learn last week that Safety-Kleen had attempted to lock up an inferior deal with a buyout group without having sat down with us to seriously discuss our offer and the ways in which Safety-Kleen shareholders would benefit from a combination of the two companies. When it decided to sell the company, the Safety-Kleen board became subject to a duty to maximize shareholder value. Although it purported to conduct an ''auction'' for the company, the Safety-Kleen board made little or no attempt to inform itself as to the extra value that cost-savings and other synergies from a combination with a strategic buyer would bring to its shareholders. That extra value is reflected in our $30 per share offer. Our lawsuit is intended to prevent the Safety-Kleen board from transferring a portion of that extra value to the Philip Services buyout group in break-up fees and expenses or to management in incremental severance packages. We believe that the district court will agree that this extra value belongs to the Safety-Kleen shareholders.'' Part of the friendly takeover offer from Philip was a bribe, er uh, offer of benefits for SK management. Nando said the Philip deal includes stock buyout options for departing Safety-Kleen executives. Charles