May 31, 1989 |
Former Securities and Exchange Commission Chairman Roderick M. Hills, who is fighting for control of San Diego-based Oak Industries, on Tuesday gained the support of London-based MIM Ltd., Oak's largest shareholder with nearly 25% of its outstanding shares. Also on Tuesday, Oak Chairman E. L. McNeely issued a strident proxy solicitation letter that included an attack on Hills' business experience. McNeely's letter claimed that Hills wants to control Oak for his own personal gain.
June 15, 1989 |
Oak Industries director Roderick M. Hills on Wednesday wrested control of San Diego-based Oak from Chairman E. L. McNeely, after an official tally showed that Hills' slate won an overwhelming victory at the company's June 6 annual meeting. Hills' five-member slate won 77% of the 53.5 million votes cast during the emotionally charged annual meeting, while McNeely's slate drew just 23%, according to Oak General Counsel Jim Miller. In addition, three representatives of MIM Ltd., a British firm that owns 25% of Oak's shares, also were elected to the board by overwhelming margins.
June 3, 1989 |
Charges, countercharges and a possible court fight surfaced Friday in the increasingly bitter proxy fight that Washington-based merchant banker Roderick M. Hills is waging for control of Oak Industries. Oak Chairman E. L. McNeely on Friday initiated the latest exchange by insisting that Hills, a former U.S. Securities and Exchange Commission chairman, has tried to mislead Oak shareholders about the San Diego-based company's financial health. McNeely branded Hills' proxy solicitation campaign a "public relations effort . . . (that)