ICO Inc., harried by a hostile bidder and proxy fight, announced last week it planned to sell its oilfield services business. But that was not enough to satisfy potential acquiror Travis Street Partners (TSP), which claimed the offer from Varco International Inc. will leave not a penny for shareholders. Varco’s offer, announced on March 26, is for $165 million-on the surface a larger figure than TSP’s outstanding offer of $60 million. But the Varco bid includes taking out $118 million in senior notes and retiring ICO’s $32.3 million in convertible preferred stock.
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