And the winner is…

July 5, 2005

Acting SEC Chairman Cynthia Glassman may have let everyone out of work early on Friday, but that didn’t stop the filings from coming in at a steady clip well after the offices were closed. By my count, there were more than 450 filings that came in after 4 p.m. on Friday.

Among the most interesting were the 30 Form 4s filed late Friday by Google (GOOG) CEO Eric Schmidt who seems to have gone on a bit of a selling spree, based on this long list of 4s. Perhaps Schmidt was spooked by the rash of articles last week that began to raise questions about the $300 a share price.

Also interesting was Unocal’s (UCL) merger proxy, which at 191 pages, made for some great beach reading this past weekend. Among the more interesting tidbits was that CNOOC (CEO), whose $67 a share bid is higher than the $65 a share currently offered by Chevron (CVX) actually suggested a merger first and that Chevron’s CEO only contacted Unocal after reading about CNOOC’s interest in a British newspaper.

In the proxy, Unocal recommends that investors vote for the merger as soon as possible (that’s their boldface, not mine) even though it says it is still evaluating the CNOOC deal. There’s the $500 million fee that Unocal would have to pay Chevron if they decide to go with CNOOC or even someone else. Finally, there’s the part about how much Unocal executives will be able to cash in: 3.18 (where’d they get the .18 part from?) times their salary plus 3 times their annual bonus, plus oodles of stock options (with prices ranging from $40 to $49 a share) as well as restricted stock and performance shares.

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