Midcon moved to block a hostile takeover bid.
The Lombard, Ill., gas pipeline firm offered to buy back up to 10 million shares of its own common stock. The move offers shareholders a $75-a-share cash and securities stock swap. It is aimed at blocking a $2.7-billion takeover bid by a partnership of the Wagner & Brown oil and gas company and Freeport-McMoRan, an energy and minerals concern.
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