Proxy fight

 

Shareholders of a public corporation may appoint an agent to attend shareholder meetings and vote on their behalf. That agent is the shareholder's proxy. A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes (i.e. votes by one individual or institution as the authorized representative of another) to install new management for any of a variety of reasons.

 

Yahoo U.S. Sales Chief Latest Exec Departure Under New CEO

New Yahoo (Nasdaq: YHOO) CEO Marissa Mayer appears to continue her housecleaning. U.S. sales chief Wayne Powers quit the search engine and media company Monday to become president of Parade Publications, the Sunday newspaper supplement published by privately held Advance Publications.

Technology Focus: Hedging Bets In High Tech For Yahoo, AOL, HP

Internet users and investors were heartened last week when Yahoo (Nasdaq: YHOO), elected Marissa Mayer, 37, as its third CEO in less than a year. A hedge fund gets part of the credit but not all hedge funds score as well in the tech sector: how about Eastman Kodak (Pink: EKDKQ)?

Can Starboard Value's Effort Put AOL Online Again?

Thursday will see a showdown over the near-term future of AOL (NYSE: AOL), the No. 7 website, which in its heyday was American Online, the biggest email provider, as well as a company big enough to swallow Time Warner.

Yahoo May Sell Between 15% And 25% Of Alibaba, Finally: Source

Yahoo Inc. could be weeks away from selling between 15 percent and 25 percent of Alibaba Group's stock back to China's largest online commerce company, in a deal designed to eliminate complexities that had scuttled the parties' previous negotiations, a person familiar with the matter said.

Roche Walks Away From $6.8B Illumina Takeover Bid

Swiss drugmaker Roche Holding AG (ROG.VX) said Wednesday that it decided not to extend beyond Friday a $6.8 billion hostile offer for gene sequencing specialist Illumina Inc. (Nasdaq: ILMN) after forecasting that the incumbents directors of Illumina will be re-elected.

Icahn Sweetens Offer for CVR Energy

Activist investor Carl Icahn announced Thursday he was sweetening a takeover offer for independent petroleum refiner CVR Energy Inc. (NYSE:CVI), proposing to buy all outstanding shares of the company, in cash, at $30 a share.

U.S. activists eye Canadian proxy battles

More U.S. investors are targeting Canadian companies for proxy battles to boost the value of their stakes, encouraged by favorable laws and activist attacks on such blue chips as Canadian Pacific Railway and Research In Motion.

Nikkei, Asia Markets Close Higher Tuesday on Alcoa Earnings

The Nikkei share average edged up on Tuesday after revenue at U.S. aluminum giant Alcoa beat expectations, while Olympus jumped 20 percent on reports it would remain listed, but the benchmark remained stuck below key resistance ahead of events in Europe.

Woodford to Sue Olympus, Drops Leadership Bid

The ousted British CEO of disgraced Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to lead the medical device maker, blaming cozy ties between its management and big Japanese shareholders and saying the saga had taken its toll on his family.

Woodford to Sue Olympus over Firing, Drops CEO Bid

The ousted British CEO of disgraced Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to lead the medical device maker, blaming cozy ties between its management and big Japanese shareholders and saying the saga had taken its toll on his family.

Olympus Offices Reported Raided by Tokyo Authorities

Japanese prosecutors raided Olympus Corp units on Wednesday in connection with a huge accounting scandal that has threatened the existence of the 92-year-old maker of cameras and medical equipment, Japanese media reported.

Olympus Ex-CEO Attacks Japanese Shareholders

The whistleblower in Japan's Olympus Corp scandal, ex-CEO Michael Woodford, blasted Japanese shareholders Thursday for failing to stand up for him, amid signs that domestic and foreign investors are split over his campaign to be reinstated.

Pages

EDITOR'S PICK