Lockheed denied Simmons a meeting with board directors.Lockheed denied Simmons a meeting with board directors CALABASAS - Lockheed Corp. said last week that it denied a request by Texas investor Harold Simmons to appear before its board of directors to argue that the company's "poison pill A defensive strategy based on issuing special stock that is used to deter aggressors in corporate takeover attempts. The poison pill is a defensive strategy used against corporate takeovers. " anti-takeover provision should be eliminated. Simmons, who controls a 19.8 percent stake in the company through NL Industries, based in Houston, recently asked Lockheed to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. its poison pill plan, which can be activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. when an investor obtains more than 20 percent of the stock. Simmons, who last spring lost a proxy fight Proxy Fight When a group of shareholders are persuaded to join forces and gather enough shareholder proxies to win a corporate vote. This is sometimes also referred to as a proxy battle. Notes: This term is mainly used in the context of takeovers. for control of Lockheed, is trying to boost his holdings in the company to 35 percent by buying shares of the Employee Stock Ownership Plan. |
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