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Hollywood Park Shareholders OK Plan

April 23, 1998|Jesus Sanchez

Stockholders of Inglewood-based Hollywood Park Inc. voted to adopt a measure that would make it easier to approve a change of ownership in the company. Owners of 50% of the company's stock can now approve such change, instead of the 70% previously required. The change puts the company in line with the rules of many other major corporations. Shareholders had approved a measure last week that would restore Hollywood Park's paired-share structure, which would involve splitting the company into a separate real estate investment trust and an operating company. Hollywood Park shares were unchanged at $12 on the New York Stock Exchange.

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