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BUSINESS
October 17, 1995 | By Andrew Maykuth, INQUIRER STAFF WRITER
The U.S. District Court in Delaware approved a $36.5 million class-action settlement between the Columbia Gas System Inc. and shareholders to resolve alleged securities violations surrounding the Wilmington company's financial problems in 1991. Columbia Gas will distribute the money to shareholders who bought or sold the company's stock between a January 1990 common stock offering and June 1991, when Columbia suspended its dividend and disclosed that it might file for bankruptcy.
BUSINESS
April 21, 1987 | By MARC MELTZER, Daily News Staff Writer
The new chief executive of Mellon Bank Corp. tried yesterday to reassure stockholders worried about the bank's future. But some shareholders remained unconvinced. Chairman and chief executive Nathan W. Pearson told shareholders during their annual meeting that the company was in a "time of transition, not a time of stagnation and indecision. " But not all shareholders were so sure. Helen McEldowney Patterson, one of more than a dozen who spoke, said, "I question where the directors were when the alarm signals went off. "Why wasn't the whistle blown?
NEWS
September 10, 2008 | INQUIRER STAFF
Willow Financial Bancorp Inc.'s purchase by Harleysville National Corp. for $169.2 million was approved by shareholders, Harleysville said today. The deal, which awaits regulatory approvals, will create the third-largest bank headquartered in the Philadelphia region, with $5.5 billion in assets and 84 branches, Harleysville said. The sale, announced in May, is expected to close in the fourth quarter.
BUSINESS
February 13, 2013 | By Peter Svensson, Associated Press
Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow," even as he said he was open to looking at the shareholders' proposals for sharing more cash with investors. Investor David Einhorn sued Apple Inc. last week, saying a proposal slated for a vote at the company's annual meeting in two weeks would make it more difficult to enact his plan to reward shareholders by distributing a new class of shares. Cook said Apple's proposal would put more power in the hands of shareholders, making it difficult to understand why a shareholder would fight it. Calling the fight a waste of time, Cook said Apple would not waste money by mailing shareholders to try to persuade them to vote for the proposal.
BUSINESS
June 2, 2013
Each spring, dutiful shareholders fill out their proxy ballots to vote on a variety of corporate governance matters, including the election of directors. The votes are invariably lopsided affairs with shareholders, led by institutional investors such as mutual fund firms and pension funds, tending to rubber-stamp the candidates favored by the company. But on rare occasions, shareholders show their displeasure with a candidate by checking the "withhold" or "against" box more times than the "for" box. That happened to two directors at the May 28 annual meeting of Healthcare Services Group Inc., the Bensalem-based provider of housekeeping, laundry, and other services to nursing homes, retirement complexes, and hospitals.
BUSINESS
June 9, 2012 | By Tim Talley, Associated Press
OKLAHOMA CITY — Chesapeake Energy Corp. shareholders rebuked the company's board by withholding support for two directors up for reelection at Friday's annual meeting. Both directors have tendered their resignation. Shareholders also withheld their support for Chesapeake's executive compensation plan and peppered CEO Aubrey McClendon with questions about the corporate governance and accountability of the nation's second-largest producer of natural gas. Chesapeake is the largest natural gas producer in Pennsylvania and the largest leaseholder in the Marcellus Shale, which runs through the state.
BUSINESS
August 31, 2013 | By David Sell, Inquirer Staff Writer
Teva Pharmaceuticals shareholders met this week in Tel Aviv and approved the compensation package for chief executive officer Jeremy Levin - despite increasing pressure on the company from Wall Street analysts. Teva is based in Israel and has operations in the Philadelphia area. Its Americas headquarters is in Montgomery County. Teva sells more generic medicine than any other pharmaceutical company and is trying to increase revenue with higher-profit, brand-name drugs. But Levin also said the company would cut $1.5 billion to $2 billion in costs by 2015 with reductions that include layoffs and plant closures.
NEWS
February 1, 2012 | By Harold Brubaker, INQUIRER STAFF WRITER
The Federal Deposit Insurance Corp. has established a website for current shareholders of the defunct Meritor Savings Bank. A federal judge in December ordered the FDIC, which was found to have improperly seized the former Philadelphia Savings Fund Society in 1992, to distribute $236 million to shareholders. That was the amount left from a $276 million court award after a $24 million contingency payment for the lawyer who led an 18-year court fight, $8.3 million in expenses, and the reserve of $7.6 million to cover a possible award to a former shareholder who has appealed the terms of the distribution.
NEWS
November 17, 2011
Shareholders of Susquehanna Bancshares Inc. and Tower Bancorp Inc. approved the merger of the two banks in separate shareholders meetings Wednesday, Susquehanna, of Lititz, Pa., said. In a deal valued at $339.5 million when it was announced in June, Tower shareholders have the option of receiving either 3.47 shares of Susquehanna stock or $28 for each of their shares of Tower, which is based in Harrisburg. Susquehanna's acquisition of Tower, which still awaits regulatory approvals but is expected to be completed in February, comes not long after Tower, which has $2.5 billion in assets bought the First National Bank of Chester County.
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ARTICLES BY DATE
BUSINESS
May 15, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Big stock-index funds and small investors joined forces to reelect incumbent DuPont Co. directors in a Wednesday vote at the company's Wilmington headquarters, pushing back a rival slate led by billionaire activist investor Nelson Peltz. After the vote, Peltz said that "the vast majority" of actively managed mutual funds and hedge funds had backed his slate. Vote totals were not released. "We won," company chair and chief executive Ellen Kullman crowed. "Apparently, we got their attention," she said, referring to the company's $15 million campaign to win support from retirees and other small investors, who own nearly one-third of DuPont's 900 million shares outstanding and had not voted much in recent elections.
NEWS
April 20, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Few of us are fond of mild, rainy summers like the one the Philadelphia region experienced last year. Nick DeBenedictis is definitely not a fan. DeBenedictis is chairman and CEO of Aqua America, the Bryn Mawr water utility that operates in eight states, including Pennsylvania and New Jersey. Wet summer weekends dampen demand: Too much free product falls from the sky. Gardeners don't water; cars don't get washed. "Two straight years, we've had pretty depressed sales," he said in an interview last week.
BUSINESS
October 22, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Pennsylvania Real Estate Investment Trust has been renovating shopping malls, selling less-successful properties, and paying down its debt since the last recession. But it's not moving fast enough for one activist shareholder. Connecticut-based Jonathan Litt, whose Land & Buildings investment fund owns about $10 million of PREIT stock - a little less than 1 percent - posted an open letter Monday urging the Philadelphia-based company to sell half its malls, including a handful in this region.
BUSINESS
October 10, 2014 | By Bob Fernandez, Inquirer Staff Writer
Comcast Corp. shareholders approved on Wednesday the all-stock, $45.2 billion proposed acquisition of beleaguered Time Warner Cable Inc., with 99.6 percent of the votes cast saying the takeover should go through. Based on the deal, Time Warner Cable shareholders would receive 2.875 Comcast shares for each Time Warner Cable share. For example, a Time Warner Cable shareholder with 100 shares would receive 287 Comcast shares. Time Warner Cable shareholders will vote on the plan to merge the nation's largest and second-largest cable companies Thursday morning in New York City.
BUSINESS
September 19, 2014 | By David Sell, Inquirer Staff Writer
Chesterbrook drugmaker Auxilium Pharmaceuticals responded Wednesday to an unsolicited takeover offer from Endo International P.L.C. by saying it would look at the offer, as required by financial regulations, but also would institute a poison-pill stock-dividend plan to ward off Endo. Endo valued the cash-and-stock offer at $28.10 per share, or $2.2 billion, but it did not specify how much of that total was stock and how much was cash. Endo chief executive officer Rajiv De Silva sent the takeover letter to Auxilium CEO Adrian Adams on Friday night, then went public with the offer Tuesday after the stock market closed in New York.
BUSINESS
September 18, 2014 | By David Sell, Inquirer Staff Writer
In a Philadelphia-area pharmaceutical takeover attempt, Endo International P.L.C. Tuesday offered to buy all of the shares of Auxilium Pharmaceuticals for $2.2 billion. After the New York Stock Exchange closed, Endo said in a statement that it "delivered a proposal to acquire all of the outstanding shares of Auxilium," for $28.10 per share in a cash and stock transaction that Endo valued at $2.2 billion. There was no immediate comment from Auxilium, whose stock closed Tuesday at $21.52.
BUSINESS
September 11, 2014 | By Bob Fernandez, Inquirer Staff Writer
Shareholders in Comcast Corp. and Time Warner Cable Inc. will vote early next month in separate meetings in Philadelphia and New York on the $45.2 billion proposal that would merge the companies. The specific dates are Oct. 8 for Comcast shareholders and Oct. 9 for Time Warner Cable shareholders. The approvals are part of a complex and now months-long process for Comcast's proposed acquisition of the nation's second-largest cable company. Comcast shareholder approvals seem assured as Brian Roberts, the company's chief executive officer, chairman, and son of founder Ralph Roberts, agreed in the merger negotiations with Time Warner Cable to vote Class B shares held in two family trusts, dated 1993 and 1998, for the deal.
BUSINESS
June 7, 2014 | By Bob Fernandez, Inquirer Staff Writer
NEW YORK - Time Warner Cable Inc. shareholders met on a soggy Thursday morning here, a couple blocks off Columbus Circle, to hear chief executive Robert D. Marcus say he considers that the company's dismal 2013 performance is "old news," and that its proposed $45.2 billion acquisition by Comcast Corp. in an all-stock transaction is a "dream combination. " The sedate affair contained none of the drama that marked the Comcast shareholders' May gathering in Philadelphia, which was disrupted by about 50 protesters opposing the merger of the nation's two largest cable companies because of anti-competitive concerns and media concentration.
BUSINESS
June 6, 2014 | By Bob Fernandez, Inquirer Staff Writer
Time Warner Cable Inc., the nation's second-largest cable-TV company, will hold its annual shareholder meeting Thursday in New York, and the proposed $45.2 billion merger with Comcast Corp. is not part of the agenda. The meeting follows a tumultuous year at Time Warner Cable in which the company lost hundreds of thousands of cable-TV customers and then became a target of an unfriendly takeover by Charter Communications Inc. Comcast, the nation's largest cable-TV operator, negotiated a friendly all-stock deal to acquire Time Warner Cable that was announced in February.
NEWS
May 23, 2014
CONSUMERS UNION hates Kabletown, thinks it's too big already and wants it to grow no more. Nonprofit Consumers Union says it works to make for a "fair, just and safe marketplace for all consumers. " Kabletown is what Comcast was called on Tina Fey's brilliant "30 Rock," the title being shorthand for the headquarters of NBC Universal, which Comcast bought from GE. Yes, Philadelphia's Comcast. Wednesday morning, when Comcast held its annual shareholders meeting at the Kimmel Center, Consumers Union and other big-is-bad groups planned to crash it to protest Comcast's proposal to swallow Time Warner.
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