Panhandle Eastern received a takeover bid.
The Houston-based firm said the $2.25-billion takeover bid was made by a partnership headed by West Texas oilmen Cyril Wagner Jr. and Jack E. Brown. Panhandle, a diversified energy concern, said the $50-a-share unsolicited proposal would be weighed by its directors “in due course.” Wagner and Brown’s wholly owned partnership, Star Partners, offered to acquire each of Panhandle’s 44.9 million common shares for $30 cash and preferred stock that would have a market value of $20, Panhandle said.
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