Tap to enable a layout that focuses on the article.
Advertisement

Anderson, Clayton was sued by two companies.

Bear, Stearns & Co. and Gruss & Co. charged in Delaware Chancery Court that Anderson, Clayton’s plan to resolicit proxies on its recapitalization plan is illegal. The firms said the Houston food products company should not use April 14 but a later date as the record date for the shareholder vote. A later date would allow the two firms, which are attempting to buy Anderson, Clayton for $655 million, to vote their 5.93% stake in the company that it acquired after April 14. Although shareholders approved management’s recapitalization plan June 5, the company decided to resolicit shareholders after a Delaware judge said initial proxy materials may be misleading.

Inside the business of entertainment

The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.

Advertisement
Advertisement