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Independent Directors

BUSINESS
December 16, 2003 | From Reuters
A member of the Securities and Exchange Commission says the agency should have dealt more harshly with four independent directors at Heartland Advisors Inc., a mutual fund group sued by the SEC last week. Amid a rash of scandals in the $7-trillion fund industry, SEC Commissioner Roel Campos said he cast the dissenting vote when the commission voted 3 to 1 in a closed meeting on a settlement with the independent directors of Heartland.
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BUSINESS
August 6, 2011 | By Meg James, Los Angeles Times
The furor over Rupert Murdoch's management of News Corp. continues to reverberate. The mogul's daughter, Elisabeth Murdoch, had been scheduled to join her father and two brothers on the board of News Corp. after selling her British television production company to News Corp. this year. However, the company said Friday that those plans — announced in March by Rupert Murdoch, chairman and chief executive of the media conglomerate — had been put on hold. "Elisabeth Murdoch suggested to the independent directors some weeks ago that she felt it would be inappropriate to include her nomination to the board of News Corp.
BUSINESS
November 2, 2007 | From Times Wire Services
Five independent directors of Affiliated Computer Services Inc. said they would resign after the firm's chairman blamed them for a failed $6.1-billion private equity buyout bid. Chairman Darwin Deason, who was working with Cerberus Capital Management on the buyout bid, urged the directors to step down at a board meeting, saying they had lost shareholder support.
BUSINESS
August 19, 2008 | Tom Petruno, Times Staff Writer
Corporate directors often are accused of being pushovers. But in the case of Union Bank, the directors pushed back at a lowball takeover offer from the Japanese corporate parent -- and won a hefty premium for shareholders. UnionBanCal Corp., the San Francisco-based holding company for Union Bank of California, agreed Monday to a $73.50-a-share buyout from Mitsubishi UFJ Financial Group. That was 27% more than the $58-a-share offer Mitsubishi made in April, and nearly 17% above the revised bid of $63 a share that the Japanese firm made last Tuesday.
BUSINESS
January 8, 1993 | JAMES M. GOMEZ, TIMES STAFF WRITER
An investor group that may have its sights on eventual control of Beckman Instruments Inc. is proposing a more independent board of directors for the manufacturer of medical laboratory instruments, according to a Securities and Exchange Commission filing. The group led by Texas investor Lee Bass, whose family is renowned for taking over companies, will suggest at a meeting scheduled for Jan. 27 with Beckman officials that a majority of independent directors be elected to the board.
BUSINESS
December 29, 2005 | From Reuters
The independent directors of No. 2 U.S. grocer Albertsons Inc. said Wednesday that they were backing Chief Executive Larry Johnston despite last week's termination of a plan to sell the company. Late on Dec. 22, Albertsons said it had terminated all discussions on the potential sale of the entire company, sending its shares down 12% the following day. But Albertsons also said Dec. 22 that it was still in talks with several parties that might buy its underperforming assets.
BUSINESS
August 13, 2008 | From Bloomberg News
Shares of UnionBanCal Corp., California's second-largest bank, rose 13% after controlling shareholder Mitsubishi UFJ Financial Group Inc. threatened a $3-billion hostile bid to buy out minority stakes. Mitsubishi UFJ said it would make a direct offer to investors to purchase the 35% of the company it doesn't already own for $63 a share, saying UnionBanCal's independent directors refused to negotiate after rejecting an earlier $58 bid. UnionBanCal said it had been negotiating and would review the new offer.
BUSINESS
October 7, 1988 | GREG JOHNSON, Times Staff Writer
The management-led group seeking to buy Foodmaker Corp., the parent company of Jack in the Box, said Thursday that it has increased its bid slightly and that Foodmaker's independent directors have accepted it. The deal must be approved by Foodmaker shareholders. The San Diego-based company also owns and operates Chi-Chi's, a Louisville, Ky.-based chain of dinner houses.
BUSINESS
January 12, 2005 | From Reuters
Corporate boards overall grew more independent from management last year, and women made up nearly one-quarter of all new outside directors named at blue-chip companies, a new study showed. Executive search firm Spencer Stuart, in its annual board review, also said Tuesday that the average annual retainer fee for directors of blue-chip companies rose 14% to $50,000 from $43,700 in 2003. The retainer excludes committee meeting fees and equity-based pay.
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