Western Refining, Giant Industries announce hearing schedule for proposed merger

By Lisa Kerner

Charlotte, N.C., April 17 - The U.S. District Court for the District of New Mexico set a preliminary injunction hearing date of May 7 for the litigation filed by the U.S. Federal Trade Commission regarding the proposed merger of Western Refining, Inc. and Giant Industries, Inc.

The companies announced an agreement on Nov. 13, under which Western Refining will acquire all of the outstanding shares of Giant Industries for $77.00 per share in cash.

Giant Industries' shareholders approved the transaction on Feb. 27, according to a company news release.

Western Refining and Giant Industries believe the FTC's opposition to their merger is "without basis in fact or law."

Western is an El Paso, Texas, independent crude oil refiner and marketer of refined products.

Giant is a Scottsdale, Ariz., refiner and seller of petroleum products.

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