Texaco Rejects Icahn’s Offer

Texaco Inc.’s board today rejected a $60-a-share buyout offer from takeover artist Carl C. Icahn and denounced the bid as a pressure tactic. The directors also called on Icahn to abandon his costly and disruptive proxy contest, in which he is seeking five seats on the oil giant’s board.

In rejecting the buyout offer, the Texaco board cited a number of factors it claimed undermined the seriousness of the bid. It echoed management’s sentiments in questioning whether Icahn could arrange financing and said the 48-hour deadline he imposed on the offer indicated he was not serious.