Coup attempt under way for control of Computer Associates
Published:
21 June 2001 y., Thursday
A Dallas investment group on Thursday announced it is launching a proxy fight designed to replace Computer Associates' (CA) current board of directors in an effort to right what it believes is a sinking ship.
The investment company, Ranger Governance, is proposing that CA's board of directors be replaced by its own set of nominees. A proxy fight is an attempt to convince the majority of shareholders in a company to vote for a specific proposal. Gaining control of a company by winning a proxy fight prevents the acquiring company from paying a premium price for the acquired company, according to Barron's Dictionary of Finance and Investment terms. CA's annual stockholder's meeting is slated for Aug. 29.
Ranger Governance is led by Sam Wyly, an influential Dallas investor who has sold two of his companies to CA; Sterling Software in 2000 and University Computing Company in 1987. The Sterling acquisition was a stock swap, giving Wyly $4 billion worth of CA stock.
Wyly is attempting this corporate coup because mismanagement of CA has led to significant under-performance in the market and a negative affect on stockholder value.
CA, in response, issued a statement saying that it is committed to shareholder value. "The strategy that we have in place, including the product focus areas and the new business model, will yield substantial dividends for our shareholders, customers, and employees," the statement said.
Šaltinis:
infoworld.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009.
more »
Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April.
more »
EU opens public debate on its agricultural policy, the prelude to a major reform in 2013.
more »
The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme.
more »
Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States.
more »
The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main.
more »
Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets.
more »
World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn.
more »
On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia.
more »
The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project.
more »