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Shareholder Vote

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BUSINESS
February 13, 2013 | By Chris O'Brien
Apple filed a motion Wednesday asking a judge to deny a request from a dissident shareholder to block a vote on a measure that would affect the company's ability to issue a special type of stock.  This month, David Einhorn of Greenlight Capital Inc. went public with a dispute over a proposal included in Apple's annual shareholder proxy. Shareholders are scheduled to vote on the proxy at the company's annual meeting Feb. 27.  QUIZ: Test y our Apple knowledge Einhorn has requested that Apple issue a special class of stock as a way to distribute more of its $120 billion in cash to shareholders.
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BUSINESS
December 4, 2013 | By Chris O'Brien
Shareholder activist Carl Icahn said Wednesday he had informed Apple that he has submitted a proposal to let shareholders vote on a larger stock buyback. In a tweet Wednesday, Icahn wrote: "Gave $AAPL notice we'll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level. " A "precatory" proposal is one that is considered an advisory measure, but not necessarily legally binding. Apple's annual shareholder meeting typically takes place in February.  Icahn revealed his large stake in Apple this summer and said he would begin pressing the company to increase the size of the stock buyback.
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BUSINESS
July 18, 2013 | By Andrea Chang
Dell Inc. has postponed a shareholder vote on its $24.4-billion buyout plan, a sign that not enough investors were on board with founder and Chief Executive Michael Dell's bid to take the company private.  The PC maker delayed the vote Thursday shortly after it began a special meeting of shareholders in Round Rock, Texas, where the company is based. Dell released a short statement saying no vote was taken on the proposed transaction before the meeting adjourned. Many large investors had signaled their opposition to the plan in the days leading up to Thursday's gathering.
BUSINESS
September 9, 2013 | By Andrea Chang
After months of bitter fighting over the future of computer maker Dell Inc., Carl Icahn said in a sharply worded letter Monday that he was giving up.  That appears to clear the way for Chief Executive Michael Dell to take the company he founded private during a shareholder vote set for Thursday. But Icahn didn't go quietly. He directed some final jabs at Michael Dell, reiterating that he still thought the founder's buyout offer was too low, and compared the company's board -- which postponed the shareholder vote numerous times and changed the voting rules to better Michael Dell's takeover chances -- to a dictatorship.
BUSINESS
July 18, 2013 | By Andrea Chang
Dell Inc. has postponed a shareholder vote on its $24.4-billion buyout plan, a sign that not enough investors were on board with founder and Chief Executive Michael Dell's bid to take the company private. The PC maker delayed the vote Thursday shortly after it began a special meeting of shareholders in Round Rock, Texas, where the company is based. Dell released a short statement saying no vote was taken on the proposed transaction before the meeting adjourned. Many large investors had signaled their opposition to the plan in the days leading up to Thursday's gathering.
BUSINESS
December 18, 1996 | Times Staff and Wire Reports
A federal judge ordered Conrail Inc. to proceed with a Dec. 23 shareholder vote the railroad had said would be postponed if it appeared unlikely to approve a key plank in a proposed $8.5-billion merger with CSX Corp. U.S. District Judge Donald Van Artsdalen said it would be unfair to shareholders for Conrail to convene a company meeting for the vote only if the firm was assured of winning. Van Artsdalen was ruling on a request by Norfolk Southern Corp.
BUSINESS
May 5, 1986
The Los Angeles conglomerate, with interests in health care, specialty chemicals and defense, adjourned its annual meeting until June 13 so that shareholders could vote on a new management proposal to reincorporate in Delaware. Shareholders were supposed to vote last Friday on a reincorporation plan that also included anti-takeover measures. But opposition by institutional investors to the anti-takeover measures threatened to defeat the entire plan, the company said.
BUSINESS
November 6, 1996 | Times Staff and Wire Reports
Walt Disney Co. agreed to clear the way for shareholders to vote on a resolution calling for the company to issue a report on workplace conditions at its suppliers' Third World and U.S. factories. The vote was sought by an Oakland investment firm, Progressive Asset Management, which has decried alleged sweatshop conditions at factories producing Disney products.
BUSINESS
February 7, 2002 | Associated Press
Hewlett-Packard Co. and Compaq Computer Corp. will ask shareholders to approve their proposed $23-billion merger on consecutive days next month. Dates were set in a final merger prospectus filed with the Securities and Exchange Commission. The move indicates the companies are reasonably confident U.S. regulators will clear the deal. There has been substantial opposition to the deal, notably by Hewlett and Packard family interests with 18% of HP stock.
BUSINESS
August 6, 1996 | Times Staff and Wire Reports
Kansas City Power & Light said it postponed a shareholder vote on its planned $1.7-billion merger with UtiliCorp United that had been scheduled for Wednesday.
BUSINESS
July 24, 2013 | By Andrea Chang
Michael Dell, facing the possibility that he would lose the company he founded to billionaire Carl Icahn, announced a last-minute increase to his buyout offer. Under the new proposal made public Wednesday, Michael Dell and investment firm Silver Lake would acquire the PC maker for $13.75 per share in cash, up from the group's previous offer of $13.65 per share. That bumps the value of the bid to $24.6 billion, up from $24.4 billion. In another twist, Michael Dell is seeking to change the shareholder voting rules in an effort to better secure the success of his bid. Currently, a share not cast counts as a "no" vote; the company founder wants the outcome of the vote to depend solely on actual votes cast.
BUSINESS
July 18, 2013 | By Andrea Chang
Dell Inc. has postponed a shareholder vote on its $24.4-billion buyout plan, a sign that not enough investors were on board with founder and Chief Executive Michael Dell's bid to take the company private.  The PC maker delayed the vote Thursday shortly after it began a special meeting of shareholders in Round Rock, Texas, where the company is based. Dell released a short statement saying no vote was taken on the proposed transaction before the meeting adjourned. Many large investors had signaled their opposition to the plan in the days leading up to Thursday's gathering.
BUSINESS
July 18, 2013 | By Andrea Chang
Dell Inc. has postponed a shareholder vote on its $24.4-billion buyout plan, a sign that not enough investors were on board with founder and Chief Executive Michael Dell's bid to take the company private. The PC maker delayed the vote Thursday shortly after it began a special meeting of shareholders in Round Rock, Texas, where the company is based. Dell released a short statement saying no vote was taken on the proposed transaction before the meeting adjourned. Many large investors had signaled their opposition to the plan in the days leading up to Thursday's gathering.
BUSINESS
May 7, 2013 | By Chris O'Brien
Just months after leading a shareholder revolt against Apple, hedge fund manager David Einhorn revealed on Tuesday that he's been buying more stock in the company.  In a conference call with investors of Greenlight Capital, Einhorn confirmed that the firm had increased its stake in Apple, though he did not reveal by how much, according to Reuters. Einhorn called Apple's plan to issue $17 billion in bonds to increase its dividend and stock buyback plans to $100 million a "major step forward.
ENTERTAINMENT
April 30, 2013 | By Meg James
Rupert Murdoch's News Corp. will hold a special meeting June 11 for shareholders to vote on amendments needed to authorize the company's plan to break into two separate publicly traded entities. Shareholders will not be presented with an up-or-down vote on whether News Corp. should divide into two companies. Instead, investors will be asked to approve several housekeeping amendments, including changing the parent company's name to 21st Century Fox from News Corp. News Corp. has not established a date for the split to be effective.
ENTERTAINMENT
March 6, 2013 | By Daniel Miller
Shareholders have voted down two proposals brought forward at the Walt Disney Co. annual meeting that sought to change how the largest entertainment company in the world is governed. One proposal called for the future split of the chief executive and chairman positions, which are both currently held by Robert Iger. At the meeting, held in Phoenix on Wednesday morning, the Burbank-based company said that only 35.3% of shareholders who cast non-binding votes in advance of the meeting approved the split.
BUSINESS
June 15, 1989
Manischewitz Plans Vote: B. Manischewitz Co., a Jersey City, N.J., food company, said it is proceeding with a scheduled June 22 shareholder vote on a $39.3 million offer for the company from Beverly Hills-based Levine, Tessler, Leichtman & Co. Manischewitz said a competing bidder, National Foods Inc., has not been able to complete financing for its proposed $42.4 million offer. In addition, a group including Santa Monica Partners withdrew its conditional offer for Manischewitz.
BUSINESS
May 28, 1985
They approved two measures at J. C. Penney's annual meeting held in Los Angeles. One measure calls for staggered terms for directors of the New York-based retailer, which is incorporated in Delaware. The other requires an 80% shareholder vote to approve a merger or other business combination between the company and a 10% shareholder unless previously approved by Penney's board or certain price criteria are met.
BUSINESS
March 1, 2013 | By Chris O'Brien
Greenlight Capital has withdrawn its lawsuit against Apple Inc., having successfully blocked a vote on a controversial stock proposal.  The move was largely considered a formality. But it still marks the end of a brief but unusual public dust-up between Apple and a major shareholder. In a statement issued Friday, Greenlight said: "Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue. "  QUIZ: Test your Apple knowledge   In the end, the legal dispute proved to be a minor annoyance for Apple.
BUSINESS
February 19, 2013 | By Chris O'Brien
A federal judge on Tuesday declined to make a quick ruling on an investor's request to block a vote at Apple's annual shareholder meeting next week.  Greenlight Capital has objected to a measure on Apple's proxy that would change the rules for issuing a special class of stock. The investment firm had filed a lawsuit and asked for a temporary injunction to prevent a vote at the shareholder meeting scheduled for Feb. 27. After a volley of filings and rebuttals in the case, both sides appeared Tuesday in U.S. Federal District Court in New York City to make their cases.
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