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
The European Commission has approved, under EC Treaty state aid rules, an amendment to a Lithuanian scheme allowing aid to be granted of up to €500 000 per company, initially approved on 8 June 2009.
more »
As agreed by the President of the European Commission and the President of the Russian Federation during the last EU-Russia Summit in Khabarovsk, the EU and Russia have strengthened the current dispositions under the EU-Russia Energy Dialogue to prevent and manage potential energy crises, with an enhanced Early Warning Mechanism.
more »
The European Union has today presented to the World Trade Organization the trade facilitation projects it has financed between 2006 and 2008.
more »
The European Commission has authorised, under the EC Treaty’s rules on state aid, a planned state guarantee by Romania to enable Ford Romania SA to access a loan from the European Investment Bank (EIB).
more »
The economic crisis has left many countries with budget deficits well over the 3% limit. The commission is proposing deadlines for reducing the gaps.
more »
Statistics Lithuania informs that in October 2009, against September, prices for consumer goods and services went down by 0.4 per cent.
more »
Lithuania’s Vice-Minister of Foreign Affairs Šarūnas Adomavičius took part in bilateral political consultations with representatives from foreign affairs, commerce and transport ministries of the People’s Republic of China.
more »
Under the budgetary surveillance powers conferred by the EU Treaty, the European Commission today proposed to the Council to set 2013 as the deadline for the correction of the budget deficits in Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal.
more »
A joint partnership between the World Bank, the Moldovan Ministry of Agriculture and Food Industry and the Ministry of Environment was launched in Moldova’s capital in the late days of October.
more »
World Bank Group President Robert B. Zoellick today joins senior officials from the Government of Singapore to launch a new global urban strategy that will guide Bank advisory services and financing in the sector over the next decade.
more »