Financier Saul P. Steinberg disclosed Friday that he has been talking with Wayne M. Hoffman, chairman of Tiger International Inc., about electing representatives of Steinberg's Reliance Group Holdings to the Los Angeles-based transportation company's board of directors.
Steinberg disclosed the discussions in a filing with the Securities and Exchange Commission. Reliance Financial Services Corp., a subsidiary of New York-based Reliance Group, owns about 3.9 million shares, or 17.8%, of Tiger International, making it Tiger's largest shareholder.
Steinberg and Hoffman have been holding "friendly" discussions for about a week, a Reliance spokesman said. The company declined to comment on how many board seats Reliance is seeking or why it is asking for board representation.
No Tiger International representative was available for comment.
Reliance, which began accumulating its stake in Tiger in 1980, threatened to take over the company in 1982, shortly after Tiger's fortunes began to slide because of the recession and rising fuel prices and interest rates. At the time, Steinberg called Tiger's management "ineffective" and added that there was "an urgent need for prompt and significant change."