AHMANSON, GW TO ALLOW RECOUNT.Byline: Deborah Adamson Daily News Staff Writer In the latest wrinkle Wrinkle A feature of a new product or security intended to entice a buyer. on the Home Savings of America-Great Western Bank merger fight, both thrifts agreed to a recount of certain proposals by an outside inspector. H.F. Ahmanson, the Irwindale-based parent of Home Savings, and Great Western Financial Corp. of Chatsworth sent letters to the Corporation Trust Co. requesting that 5.21 million voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. be discounted and a recount started. The recount is crucial to Home Savings, because if the company's proposals receive a majority of shareholder votes, that would force Great Western to consider Ahmanson's hostile bid. ``Until the shareholders tell us to go away, we're asking for a level playing field See net neutrality. and have them look at our proposal the way they are looking at the Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. proposal,'' said Ahmanson spokeswoman Mary Trigg. In February, Ahmanson made a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid for Great Western in a deal currently valued at $6.3 billion. Great Western spurned spurn v. spurned, spurn·ing, spurns v.tr. 1. To reject disdainfully or contemptuously; scorn. See Synonyms at refuse1. 2. To kick at or tread on disdainfully. v. its advances, instead preferring a friendly merger with Washington Mutual Inc. for a deal currently valued at $6.12 billion. Since then, Ahmanson has made efforts to force Great Western's board of directors to reconsider. They included sweetening its own offer and asking shareholders to vote by mail on five proposals put forward by Ahmanson. Among them are three currently being recounted: To hold Great Western's annual shareholders meeting by Tuesday, prohibiting Great Western from adjourning the shareholders meeting before voting on all the issues if a quorum is present, and disallowing Great Western's board to change the bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an and circumvent Ahmanson's efforts without shareholder approval. Trigg said Ahmanson wants to hold a shareholders meeting as soon as possible so its bid can be voted on. Ahmanson wants to head off Great Western's own shareholders meeting to vote on the Washington Mutual offer. Votes for the three proposals are being recounted because an East Coast bank that owns 5.21 million voting shares voted twice. |
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