USX Changes Bylaw on Proxy Fights: The...
From Times Staff and Wire Service Reports
USX Changes Bylaw on Proxy Fights: The Pittsburgh-based steel, oil and gas giant has changed its bylaws to require advance notice of proxy fights, apparently in response to reports that its largest stockholder, Carl C. Icahn, may wage one. Chairman Charles A. Corry said the board unanimously approved an amendment that requires anyone wanting to wage a proxy fight to inform the firm at least 60 days before its next annual shareholders meeting. “That is intended to prevent someone from raising havoc at the last moment,” Corry explained. Icahn was not immediately available for comment. Icahn is unhappy with USX management and believes that the stock price is too low.
