STANDARD OIL SAYS BP EXTENDS TENDER
Standard Oil Co <SRD> said in a brief
announcement issued after a meeting of its board of directors
that British Petroleum Co PLC <BP.L> (BP) has extended its 70
dlr per share tender offer until midnight May 4.
    The offer for the 45 pct of Standard shares not owned by BP
had been due to expire midnight April 28.
    Standard Oil said discussions with BP concerning the tender
were continuing but provided no further details.
    "So long as those discussions continue, no recommendation
will be made to Standard Oil shareholders regarding the offer,"
Standard said.
    Standard directors met at the company's Cleveland
headquarters on Thursday in a regularly scheduled meeting. The
spokesman was unable to say if the meeting would continue on
Friday.
    A committee of independent directors previously obtained an
opinion from First Boston Corp that the Standard shares were
worth 85 dlrs each, 15 dlrs more than the BP offer.
 REUTER
