Advertisement

Whittaker announced a new shareholder vote.

Share

The Los Angeles conglomerate, with interests in health care, specialty chemicals and defense, adjourned its annual meeting until June 13 so that shareholders could vote on a new management proposal to reincorporate in Delaware. Shareholders were supposed to vote last Friday on a reincorporation plan that also included anti-takeover measures. But opposition by institutional investors to the anti-takeover measures threatened to defeat the entire plan, the company said. As a result, shareholders will be asked to vote next month only on reincorporation, the company said. Whittaker said it can save $3 million a year in premiums paid for liability insurance for its board of directors by reincorporating in Delaware.

Advertisement