Simmons Says He’ll Seek to Oust Georgia Gulf Board
From Associated Press
WASHINGTON —
Dallas investor Harold C. Simmons, who launched a $1.1-billion tender offer for Georgia Gulf Corp., said he would seek to oust the chemical concern’s board.
A Simmons-controlled company, NL Industries Inc., said it intends to seek shareholder approval “to remove all the current members” of Georgia Gulf’s board. NL Industries of Houston already holds a 9.9% stake in Georgia Gulf.
NL said it intends to solicit the written consents of other Georgia Gulf shareholders “in support of the removal of the current directors and the election of the NL nominees to the company’s board of directors.”
In a related development, Georgia Gulf asked a Delaware court to declare its shareholder rights plan--known as a “poison pill” takeover defense--valid.
