Lockheed Offers to Limit Proxy Campaign: Lockheed...
From Times Staff and Wire Reports
Lockheed Offers to Limit Proxy Campaign: Lockheed Corp. said it will not launch a newspaper ad campaign during its proxy struggle against NL Industries if NL agrees to refrain from such advertising. NL, a Houston-based chemical company controlled by Texas investor Harold C. Simmons, last week announced that it would challenge the current Lockheed board with a full slate of its own nominees at Lockheed’s April 2 annual meeting. NL, which failed in a similar bid to take control of Lockheed last year, had no immediate response. Lockheed spent $20 million and NL about $11 million in campaigns to win shareholder votes last year.
