. ▁ ▁US G ▁decided ▁to ▁fight ▁this ▁attempt ▁by ▁offering ▁$ 4 2 ▁per ▁share ▁($ 3 7 ▁in ▁c ash ▁and ▁$ 5 ▁in ▁pay ▁in ▁kind ▁deb ent ure ) ▁plus ▁a ▁stub ▁stock ▁worth ▁$ 7 . ▁Des ert ▁Part ners ▁was ▁unable ▁to ▁match ▁the ▁offer ▁and ▁lost ▁the ▁proxy ▁fight ▁at ▁a ▁share holder ' s ▁meeting . ▁To ▁pay ▁for ▁the ▁offer , ▁US G ▁took ▁a ▁poison ▁pill ▁by ▁borrow ing ▁$ 1 . 6 ▁billion ▁from ▁ 1 3 5 ▁banks , ▁and ▁issu ing ▁$ 6 0 0 ▁million ▁in ▁ 1 3 . 2 5 % ▁sub ordin ated ▁deb ent ures ▁due ▁in ▁ 2 0 0 0 ▁and ▁$ 2 6 0 ▁million ▁in ▁ 1 6 % ▁pay - in - kind ▁deb ent ures ▁due ▁in ▁ 2 0 0 8 . ▁To ▁help ▁pay ▁for ▁all ▁the ▁new ▁deb t , ▁US G ▁sold ▁off : ▁▁ ▁subs idi aries ▁Cast legate , ▁A . ▁P . ▁Green , ▁Mason ite , ▁D AP , ▁and ▁W iss , ▁Jan ney , ▁El st ner ▁Associ ates , ▁Inc . ▁ ▁its ▁construction ▁met als ▁plants , ▁a ▁paper - bag ▁plant , ▁and ▁a ▁l ime ▁plant ▁ ▁its ▁headquarters ▁building ▁at ▁ 1 0 1 ▁South ▁W acker ▁Drive ▁in ▁Chicago ▁and ▁its ▁corpor ate ▁j ets , ▁ ▁and ▁instit uted ▁large ▁work force ▁redu ctions . ▁ ▁The ▁sell - off ▁and ▁work