LEBOW GIVES UP NABISCO ELECTION.Byline: Glenn Collins The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times In a surprising capitulation CAPITULATION, war. The treaty which determines the conditions under which a fortified place is abandoned to the commanding officer of the army which besieges it. 2. on the day before the annual meeting of the RJR Nabisco Holdings Corp., Bennett S. LeBow Bennett LeBow is the Chairman of the Board and CEO of Vector Group, the holding company for, among other companies, Liggett Group Inc., the sixth largest manufacturer of cigarettes in the United States. LeBow has been affiliated with the company since 1986. conceded defeat Tuesday on his slate of 10 company directors. At a news conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , LeBow said he had been informed by his proxy solicitors that the directors nominated by RJR Nabisco management would be elected in a very low voting turnout of the company's 450,000 shareholders. ``There was no sense in prolonging the agony,'' LeBow said in an interview. Lebow vowed not to end his efforts to force an immediate spinoff of RJR RJR R.J. Reynolds RJR Thorny Skate (FAO fish species code) Nabisco's food company from its tobacco operations. While he ruled out a takeover bid at the news conference, he did not say what steps he would take. Still, the defeat for LeBow and his ally, Carl C. Icahn, was costly in both money and prestige. LeBow and Icahn spent more than $10 million on the contest, LeBow said Tuesday. ``I can't conjure up another public capitulation like this one,'' said Sarah Teslik, executive director of the Council of Institutional Investors, a group of 100 pension funds. Carol J. Makovich, a spokeswoman for RJR Nabisco, declined to comment on the vote for the board before today's annual meeting. But others at the company said executives were jubilant when they heard news of LeBow's announcement. Shares of RJR Nabisco rose 25 cents Tuesday, to $29.875, 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. . Diana K. Temple, an analyst who follows the company for Salomon Brothers, said, ``It's a surprise that he admitted defeat, but LeBow always has been true to form.'' Tuesday's announcement was a new twist in the struggle of LeBow and Icahn against RJR Nabisco, a battle that has been waged in part with lawsuits and newspaper advertisements. CAPTION(S): Photo Photo: (Color) LEBOW |
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