Mesa Petroleum wins a round in takeover bid

The Mesa Petroleum Company won the first round in its battle to take over the General American Oil Company, which has substanial US oil and gas holdings.

Mesa said that as of midnight Wednesday 19.7 million shares, or 77.5 percent of General American's outstanding stock had been tendered to it under its $40 -a-share offer. But shareholders who tendered their stock as of Wednesday's proration period can withdraw the shares before Jan. 11.

General American issued a statement Thursday saying it was not surprised by the response to the Mesa offer. It said the real test would come after the Jan 11 withdrawal date.