PrintJanuary 29, 2008
Proxy fight for the New York Times Company launched
As expected (and noted here on Saturday), another proxy fight has been launched against the management of the New York Times Company. A letter to Times Chairman Pinch Sulzberger from Firebrand Partners and Harbinger Capital Partners was made public in a regulatory filing Monday, according to Seth Sutel of the Associated Press. He writes:
Firebrand indicated that it was working together with Harbinger and that together the two companies owned 4.9 percent of Times stock.
Hopes that management might be replaced, or that a takeover bid might be in the offing pushed NYTCo stock up $1.41, or 9.6 percent on Monday. Hassan Elmasry of Morgan Stanley earlier tried to shake up the Times management , but ultimately failed, due to the Suylzberger family's ability to elect a majority of the board with a tiny percentage of the stock, thanks to a two tier voting arrangement.
Hat tip: Clarice Feldman
Hat tip: Clarice Feldman
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