Shamrock Sells Remaining Stake in Enterra Corp.
- Share via
Shamrock Holdings Inc., as expected, sold its remaining 12% stake in Enterra Corp., an oil field-services concern in Houston.
In a filing with the Securities and Exchange Commission, Shamrock said it sold the 1.9 million shares for an undisclosed price to institutional investors. Shamrock, a Burbank investment firm controlled by Roy Disney, had announced last month that it planned to sell the shares.
Shamrock originally accumulated 24% of Enterra in 1986 when Enterra was struggling. Shamrock President Stanley P. Gold became Enterra’s chairman, a post he still holds, and brought in a new management team. Since early 1988, Enterra’s earnings and stock price have been on the rise.
The Enterra investment was one of several Shamrock made in distressed companies that later paid off. Another was Central Soya Co., which Shamrock bought in 1985 for $350 million. Shamrock sold the Indiana food-processing concern two years later for a $150-million profit.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
