Salt Lake Telegram | 1924-01-29 | Page 7 | Continental Directors Approve Merger

Continental Directors Approve Merger DENVER Colo Jan 25 Members of the board of or directors of the Continental Con Con- Oil company formerly a Standard Oil unit authorize the an an- that a merger of the Con Con- and Mutual Oil company as proposed by the latter has their ap op Tho basis It was stated will be four shares of Mutual stock for one share of Continental Officials of the Continental Intimated that their stock stock- holders holder will have until March 1 to ac accept ac- ac or select reject the proposal and pend tog ng their decision details detaIl of the tha merger plan are withheld According to a statement issued by the Continental an understanding as to the basis of the merger was reached at kt ata a conference In New York last week Which was attended by officials of both companies The Mutual Oil company the statement state ment said has an authorized capital of divided Into shares of which or shares Is outstanding leaving 1 shares sharee The par value of Mutual Is 5 a share and of Continental Continental Conti Conti- 25 a share There are arc shares of Continental outstanding which on the basis of the exchange would require shares of Mu SIn- The authorized and of Mutual therefore would be sufficient i for the tho purpose of Th The Continental announcement also Included the tho statement that when a substantial amount of the stock Is exchanged ex cx- changed several Continental officials probably will go on the Mutual board of directors and both companies will be represented among officials of tile tho Mutual