AHMANSON SAYS BID IS UNSTOPPABLE : ACCESS TO GREAT WESTERN SHAREHOLDERS PERMITTED.Byline: Daily News staff and wire reports H.F. Ahmanson & Co. announced Friday that Great Western Financial Corp. will not be able to stop Ahmanson from taking its hostile $6 billion bid directly to shareholders. Ahmanson said the ruling, issued late Thursday, followed a request by Great Western for a temporary restraining order temporary restraining order: see injunction. against Ahmanson's solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual . Ahmanson said the court reserved its ability to rule on the Great Western request. ``We are pleased that the Great Western shareholders are getting a say in the future of their company,'' Ahmanson officials said in a prepared statement. ``Our merger proposal is in the best interests of the shareholders of both companies, and we are committed to pursuing it.'' Ahmanson, the parent company of Home Savings of America, made the bid last month to buy Great Western at $44.10 a share. Great Western responded by suing Ahmanson and is assumed to be looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. another buyer. Great Western responded by saying Ahmanson ``misrepresented'' the hearing by calling it a ``ruling.'' The differing interpretations of the hearing are the latest in an increasingly bitter spat spat juvenile aquatic shellfish, especially oysters ready for settlement on solid surfaces—'spat fall'. between Ahmanson and Great Western. Ahmanson, which owns 100 shares of Great Western, has asked Great Western to set a ``record date'' for the solicitation. A spokesman said that Great Western has until March 17 to do so. Ahmanson has said it plans to nominate three candidates for directors of Great Western's board for election at the 1997 annual meeting, which has been delayed from April 22. If elected, those directors would try to convince the other Great Western directors to approve the Ahmanson buyout or other proposals that would ``maximize shareholder value.'' The Great Western shareholders will also be asked to vote on a nonbinding resolution that calls on Great Western's board to accept the Ahmanson offer unless someone else offers more. The solicitation will also ask the shareholders to amend Great Western's 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 so that the board can't sign any pacts that include substantial break-up fees, lock-ups or executive pay packages triggered by a change in control unless the Great Western shareholders approve such provisions. Ahmanson sued Great Western in Delaware on Feb. 18 in an attempt to neutralize neutralize to render neutral. its takeover defenses takeover defense See shark repellent. . |
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