A Sad Final Chapter to a Great Company
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Arco stockholders have received notice of a special meeting to be held Aug. 30 to vote on the proposed acquisition of Arco by BP Amoco.
Mike Bowlin, chairman of Arco, and the Arco board of directors are destroying what once was one of the finest corporations in the United States.
The material provided to stockholders cites the monetary benefits accruing from the acquisition and recommends approval. It ignores the losses that will be suffered across the country from the death of Arco.
The stockholders will vote in favor of the acquisition because it puts some money in their pockets. Bowlin will walk away with $27 million.
When IBM ran into trouble, its board brought in new management, which turned the company around. When Arco ran into a temporary downturn in crude prices, its board turned tail and ran to BP Amoco.
JOHN J. CONNELL
San Marino
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