Eli Lilly and Co.’s board is once again recommending the removal of a provision that makes the company an almost impossible target for hostile takeovers. The same proposal has fallen slightly short at each of the past two annual shareholder meetings.
The investors are concerned Emmis will gain voting rights to two-thirds of the preferred shares and that it would use that clout to get out of paying millions of dollars in dividends.
Shareholders of WellPoint Inc. approved on Tuesday the hefty pay packages of the company’s executives and voted for the right to weigh in annually on future executive compensation.
Interactive Intelligence Inc. will ask shareholders at its next annual meeting to vote on a proposal to reorganize the software firm under a new holding company called Interactive Intelligence Group Inc.
The parent company of Steak n Shake restaurants has scaled back a controversial pay package for its CEO in hopes of securing shareholder approval of the plan at a rescheduled special meeting.
Emmis, which has been awash in red ink, must contend with more than $340 million in debt after CEO Jeff Smulyan failed in his attempt to purchase the company and take it private.
A Wednesday evening shareholders meeting has been postponed until Thursday at 8:30 a.m., when the Emmis CEO again will try to take the company private.
Emmis shareholders are set to vote again Friday night on taking the company private, but the proposal could be in jeopardy
if a deal is not reached
soon, says one investment expert.
The communications company said in a news release that CEO Jeff Smulyan is continuing to negotiate with a group of preferred
shareholders
and is considering another buyout option that would not require their consent.
Emmis Communications Corp. on Tuesday postponed a decision on CEO Jeff Smulyan's bid to take the company private, saying
it did not receive enough votes from shareholders to reach a quorum.
Opposition by preferred shareholders has Emmis shares trading at more than 30 percent below the buyout price of $2.40 per
share.
Emmis Communications Corp. Chairman Jeff Smulyan’s effort to take the media company private could be derailed by a band
of preferred stockholders who oppose the plan.
The going-private deal he worked out—with New York-based Alden Global Capital—could result in another public offering
five years from now.
A big Emmis Communications Corp. shareholder believes the $90 million deal CEO Jeff Smulyan unveiled Monday morning to
take the company private is unlikely to get derailed—even though it’s worth far less than a takeover offer Smulyan
failed to get through his board four years ago.
JS Acquisition Inc., the company Emmis CEO Jeff Smulyan has established to complete the acquisition, would purchase all shares
of publicly traded Emmis for about $90 million, according to Monday morning’s announcement.
The proposal to remove an 80-percent approval threshold for takeover bids against the wishes of Lilly’s board received
approval from shareholders holding 74 percent of Lilly’s shares.
Lilly shareholders are set to gather Monday in Indianapolis to hear an update on the company’s performance, including
how it will keep paying its generous dividend during the lean years after Zyprexa’s patent expiration.
The company now known as Biglari Holdings Inc. on Thursday unveiled a new prototype for future Steak n Shake restaurants.
CEO Sardar Biglari said the goal is to open about 1,500 new franchise locations in the coming years.
Steak n Shake Co. shareholders on Thursday approved changing the parent company’s name to Biglari Holdings Inc. Shares
begin trading under the new name on Friday.
Steak n Shake Co. doesn't operate a single restaurant in New York City, where it is hosting its annual meeting Thursday.
But the world financial capital is chock full of high-profile investors intrigued by Steak n Shake CEO Sardar Biglari's
plans to harvest cash from the 485-location restaurant chain and deploy it on other investments.
