• How did Boone Pickens stampede Gulf into a sale? Even if the Pickens group were totally successful in their last tender offer, they would only control 21% of Gulfs stock. Why did the Gulf Investors Group limit its total offer to 21% of the equity? Could they have afforded to buy more? Do you think reincorporation influenced the raiders? Why? question is from the case-Gulf oil corporation- takeover.