COURT RULING FAVORS ITT INVESTORS.Byline: Tim Dahlberg Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. A federal judge ruled Monday against ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) Corp.'s plan to split into three companies without shareholder approval, saying the rights of shareholders would be violated under ITT's plan to thwart 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. from Hilton Hotels
U.S. District Judge Phillip Pro issued an injunction against the plan and ordered ITT to hold its once-postponed annual meeting by Nov. 14. Pro did not address the legality of the split itself, but said that ITT's attempt to stagger the terms of its board of directors as part of the plan was an attempt to ``impede the shareholder franchise.'' Pro said he found ``no justification as to why the implementation of the comprehensive plan cannot be deferred until the annual meeting.'' ITT had wanted to implement the plan prior to its annual meeting, which was postponed from May and now must be held by Nov. 14. Hilton Chairman Steve Bollenbach hailed the decision as a victory for ITT stockholders and said he would contact the company today to work out a takeover settlement. ITT spokesman Jim Gallagher
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