Catellus Adopts Anti-Takeover Defenses

Catellus Development Corp. adopted a shareholder rights plan one month after its largest shareholder--Southeastern Asset Management Inc., a mutual fund firm--said that it had been contacted by several parties interested in buying its Catellus shares. Catellus, one of California’s largest real estate companies and owner of Union Station in downtown Los Angeles, said the plan will protect the San Francisco-based firm from “coercive or unfair takeover tactics.” In addition to the rights plan, the company’s board of directors adopted rules that require a majority of shareholders to remove directors and amend company bylaws. Only the board will have the right to call a special shareholders meeting, set the size of the board and fill vacancies.