Birmingham Steel and the United Group Announce Settlement Agreement.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 2, 1999-- Birmingham Steel Corporation (NYSE NYSE See: New York Stock Exchange : BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) ) (the "Company") and various parties collectively known as the United Company Shareholder Group (the "United Group") today announced that they have entered into a Settlement Agreement (the "Agreement") that resolves their proxy contest Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. and achieves a timely and orderly transition to a new leadership team headed, effective immediately, by John D. Correnti as Chairman and Chief Executive Officer, succeeding Robert A. Garvey. The Agreement, which was approved by the Board of Directors of the Company and the United Group, provides, in part, for the following: Reconstitution of the Board of Directors: Effective immediately, the Board of Directors of the Company has been reconstituted. The Company's new Board consists of twelve directors, nine persons from those previously designated by the United Group and three from the current members of the Board. The former include Mr. Correnti, James A. Todd, Jr., James W. McGlothlin, Donna M. Alvarado, Robert M. Gerrity, Alvin R. Carpenter, Robert H. Spilman, Jerry E. Dempsey, and Steven R. Berrard. The latter include C. Stephen Clegg, Richard de J. Osborne and Robert D. Kennedy. Termination of Consent Solicitation: Also effective immediately, the United Group has terminated its solicitation of consents and rescinded any action it has previously taken in connection with it. Reconvened Annual Meeting: The reconstituted Board will reconvene reconvene Verb to gather together again after an interval: we reconvene tomorrow Verb 1. reconvene - meet again; "The bill will be considered when the Legislature reconvenes next Fall" the Annual Meeting of Stockholders on a date and at a time and place deemed appropriate by the Board, which are expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. shortly. At the reconvened Annual Meeting, a slate will be nominated for election consisting of the members of the reconstituted Board. The parties to the Agreement stated: "This settlement agreement ends a difficult period in the history of Birmingham This article is about the history of Birmingham in England. Ancient history Small farming settlements have existed in the Birmingham area since the Bronze Age. Steel and, we hope, will enable the Company and its employees to focus on the number-one priority of everyone concerned: building the value of Birmingham Steel for all of the Company's stockholders." Birmingham Steel operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States. The common stock of Birmingham Steel is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BIR." |
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