HOUSTON, Aug. 20 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) announced today that Holly Corporation (Amex: HOC) has advised
Frontier that Holly is not willing to proceed with the parties' pending merger
agreement on the agreed terms. As a result of Holly's breach, Frontier has
filed suit for damages in the Delaware Chancery Court in order to obtain the
benefits of the March 30, 2003 merger agreement for Frontier's shareholders.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO )
James R. Gibbs, Chairman, President and CEO of Frontier, said that the
Hart Scott Rodino waiting period had expired and clearance from the Securities
and Exchange Commission was expected shortly. "While we preferred to proceed
with the merger and continue to believe that it was in the best interests of
both Frontier and Holly shareholders, Holly has backed out of the merger
agreement and therefore we have instructed our attorneys to proceed in the
Delaware court in order to protect our shareholders' interests."
A copy of the lawsuit is available in the investor relations section of
Frontier's website at http://www.frontieroil.com .
This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission. Such statements are those concerning the
contemplated transaction and strategic plans, expectations and objectives for
future events and operations. All statements, other than statements of
historical facts, included in this press release that address activities,
events or developments that the Company expects, believes or anticipates will
or may occur in the future are forward-looking statements. These statements
are based on certain assumptions made by the Company based on its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the Company.
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ materially from
those projected in the forward-looking statements.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.com
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO
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CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600, ext. 145
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